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Financial Planning Month

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October is recognized as Financial Planning Month. Financial planning consists of reviewing your finances and determining what you’d like to accomplish as the year winds down. Financial planning can include reviewing your budget, investing, tax planning, retirement planning, and other ways to organize your spending and saving habits. Here are 5 tips to help kickstart your financial planning during this month.

  1. Write down goals

Write down your financial goals which can consist of short-term goals or long-term goals. Make a list of goals you want to accomplish for the remainder of this year and look ahead to next year. Setting smaller, short-term goals such as saving a certain amount of money for holiday shopping can better prepare you for the upcoming months. Setting long-term goals helps to keep the “bigger picture” in mind of milestones you want to achieve, such as paying off a credit card in the new year.

  1. Review your budget

Set aside time this month to review your budget and see where areas can be adjusted. Review your Eastex Credit Union eStatements and total categories, such as takeout, to see how much you’ve been spending and saving. Find areas where you can really adjust your budget to align with your financial goals.

  1. Review your retirement plans

With a general plan in place for your retirement, take some time to review your retirement plan. These can include any significant life changes that may have happened within the past few years and updates to beneficiaries. Review your retirement contributions and be sure you are matching your employer’s contributions, if applicable. Visit the Eastex Credit Union Retirement Calculator to help create or adjust your retirement plan.

  1. Establish an emergency fund

While reviewing your financial plan, think about the “what ifs” and establish a plan of action. This includes creating an emergency fund. Having an emergency fund for life’s unpredictability can allow you to establish a cushion against hard-hitting items to your finances, such as car trouble or an emergency room visit.

  1. Consolidate debt

Juggling revolving balances between different accounts can be exhausting and add up in interest fees. During Financial Planning Month, consider consolidating those accounts into one monthly payment. This can be a smart move within your financial planning by lowering your interest rate, streamlining your finances, and expediting your balance payoff. Talk to one of our Eastex Credit Union specialists to see if debt consolidation is right for you. We offer a low-interest rate Visa Credit Card to help further your financial goals. Have more questions about financial planning journey? Eastex Credit Union can help! From areas of retirement planning, investing, rebuilding your credit, or anything else – our financial planners are ready to assist you. Stop by any one of our branch locations or call us at (409) 276-2525 to get help today!
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