• Lexi Eimbinder

Tips for a (Spooky) Financial Planning Month

Setting Financial Planning Goals

It’s almost October – the month of pumpkin spice, skeletons, and financial planning. October means it is financial planning month. If you think financial planning sounds scarier than the horror movie marathons playing all next month, then you’re in the right place. The Frich app analyzes your financial data and makes budgets tailored to your spending. But here are some more tips to help you stay better financially organized.

Evaluate your unnecessary behaviors:

You had a bad day, so you decide to Uber Eats Chipotle rather than walking a few blocks. Although this decision may be therapeutic in the moment, a $25 charge versus a $10 charge will significantly affect your monthly budget. Instead of splurging on a new outfit to impress your ex, try different accessories with clothing you already own. When you feel like you’re shaking because you drank coffee, ask yourself, was the $8 latte worth it? Take every hesitation you have about spending and write it down on your notes app. Then, when you plan for the next month, you can attribute more of your budget to your healthy and happy behaviors and give less to the moments in life you want to change.

Little goals and bigger motivations:

Sometimes, our financial planning seems to run amuck because we set too unrealistic expectations for ourselves. Design your financial plan to fit your current situation. Think about the overall reason you want to save money. It can be anything from paying for graduate school to saving for a vacation. Then, develop smaller goals to reach your overarching motivation. For example, only order take out twice a week. It’s important to remember the factors that inspire you to save money. However, to make saving money a reality, start with smaller factors you have more control over.

Prepare for the unexpected:

When thinking about what motivates your financial planning, be sure to set aside enough money for emergencies. Take some of your monthly earnings and put them in a savings account. Treat the “in case of emergency” account like an expense. No matter what, you need to pay something to your account for safekeeping. This way, you will force yourself to have a pile of money that is separate from your shopping addiction. This trick is a good way to keep yourself accountable.

Even if you go overboard with spending, remember not to beat yourself up! Every month is an opportunity for growth! In this upcoming spooky season, don’t let the ghosts of your financial past overpower your bright financial future.