October is Financial Planning Month

Financial Planning Month offers a timely opportunity for individuals to reassess and improve their financial strategies. It encourages people to review their current financial situation, set realistic goals, and develop clear plans to achieve them.

With the end of the year and holiday season approaching, it’s an ideal time to ensure your finances are on the right track. The focus of Financial Planning Month is to emphasize the value of having a comprehensive financial plan. It raises awareness about essential financial habits like budgeting, saving, investing, and preparing for retirement.

By concentrating on these aspects, individuals can better manage their finances, plan for unexpected costs, and work towards long-term financial stability. In the end, Financial Planning Month is about empowering individuals to take charge of their financial future and make decisions that promote stability and growth.

History of Financial Planning Month

Financial Planning Month was established in 2002 by the Financial Planning Association (FPA) to promote the importance of financial planning. The goal was to encourage individuals to assess their financial well-being, set goals, and create plans to reach those goals.

Loren Dunton was instrumental in shaping the financial planning profession in the 1960s. He gathered financial professionals with extensive knowledge to find ways to help Americans manage their money. This effort led to the creation of the Society for Financial Counseling. This organization later became the International Association for Financial Planners (IAFP).

October was selected as Financial Planning Month by the FPA, providing a timely opportunity for individuals to review their finances before the holiday season and the new year. This period is ideal for setting new financial goals and making adjustments with a goal of future financial success.

How to Celebrate Financial Planning Month

Set Exciting Financial Goals

Kick off Financial Planning Month by setting fun, achievable financial goals. Think of something exciting you'd love to save for, whether it’s a dream vacation, the latest gadget, or a special night out. Write it down and create a savings plan to make it happen. Watching your savings grow for something enjoyable can be really rewarding.

Host a Budget Gathering

Get creative and host a budget party with friends. Have everyone bring their best budgeting tips and tricks to share.

Swap ideas on saving and spending wisely. Make it a potluck to keep costs low, and enjoy some great food and conversations. Turning budgeting into a social activity can make it more engaging and fun.

Start a Savings Challenge

Challenge yourself and others to a savings contest. Set a specific goal to save a certain amount by the end of the month. Track your progress weekly and share updates with friends or family. The friendly competition can keep everyone motivated to reach their goals, and the winner earns bragging rights!

Review and Refresh Your Finances

Use this month as a chance to review and refresh your financial plan. Go over your current budget, savings, and investments to spot areas for improvement. Maybe there’s a subscription you can cancel or a better way to invest your money. Online tools or apps can simplify the process and help you stay on track.

Learn Something New

Take time this month to learn something new about personal finance. Whether through books, podcasts, or videos, expanding your knowledge on topics like investing, retirement savings, or debt management can have a big impact. Boosting your financial literacy is an investment in your future.

Sources:

https://www.daysoftheyear.com/days/financial-planning-month/

Disclosures:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information