October Is Financial Planning Month
As a nod to National Financial Planning Month this October, we would like to share three money moves that align nicely with this time of year.
Some of the soundest financial advice is the advice that has stood the test of time. Consider these:
Review and revise your budget. With just three months to go in 2023, now is a great time to review your budget, highlight areas of lifestyle creep, and make sure you and your finances are ready for the holiday rush. If the 2023 holiday shopping season is anything like last year, Americans will spend close to $1500 on average.
Assess and add to your emergency fund. As you know, a critical pillar of financial security is a robust emergency fund of three to six months of expenses. But remember, an emergency fund isn’t simply your monthly needs times three. In a true emergency, you’d pare down discretionary spending, so when calculating your fund goal, keep this in mind.
Evaluate your retirement savings. Regardless of your age, planning for retirement should be a priority. Aiming to contribute a minimum of 10-15% of your income towards your retirement savings account can build a substantial nest egg for your future–but you don’t have to hit 15% overnight. Even increasing your contributions by 1% before the end of the year is a worthwhile goal. Remember, retirement isn't about reaching an age but achieving financial freedom.
Of course, your financial situation may merit different or additional steps this October, so remember, our door is always open for any questions or conversations you want to have.
Feel free to reach out to us at 716-445-7465 or email info@buffalofirstllc.com., and we can find a time to connect.
