Financial Planning Month
Heading into the holiday season, Financial Planning Month reminds us to keep our spending in check and prepare our budgets. While it’s always better to give than receive, it’s smarter stick to a budget all year long. That’s why Financial Planning Month takes a fresh look at our spending habits in October.
Steps you can take to be money smart
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Make a budget. Review the last few months of expenses and cut expenses where you can. Reduce meals out and luxury items. Memberships and drive-thru coffees add up.
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Pay bills on time. Late fees and penalties result in extra costs and harm your credit.
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Cancel services you don’t use. Many people have streaming or online services they don’t use at or not often.
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Start saving. A little every month becomes a habit quickly. If your employer offers a 401k with a matching benefit, contribute to the maximum allowed. For every dollar you don’t contribute to the matching limit, you’re throwing away money.
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Sell what you don’t use anymore. If you have things collecting dust, taking up space or otherwise not being used, get rid of it. It may be worth something. Whether it’s value is in recycled metal or the eye of the beholder, it doesn’t matter.
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Can’t sell it? Donate. Qualified donations are tax deductible. Don’t forget to ask for a receipt and claim it on your tax return.
Fidelity Investments, our 401k plan administrator, offers many resources on 401k.com, including live web workshops. If you haven’t set up your online account, get started today!