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Monday Messages

October is Financial Planning Month: Tips for WyHy Members to Plan for a Bright Financial Future

As the leaves start to fall and Halloween decorations go up, October serves not just as the gateway to the holiday season, but also as National Financial Planning Month. With Thanksgiving and Christmas right around the corner, now is the perfect time to assess your financial plans and make improvements to your overall financial well-being. Whether you're starting from scratch or have a plan that needs updating, remember it's never too early or too late to begin.

Create or Review Your Financial Plan

Creating a financial plan might seem daunting, but don't worry—WyHy is here to help! We have a dedicated team of financial advisors to guide you through the process.

Begin by evaluating your short-term financial goals. Are you aiming to get out of debt or spend more wisely during the holidays? Also, consider your long-term objectives. Whether it’s building your kids' college funds or planning for retirement, you'll need a comprehensive view of your income, spending habits, and savings to start planning effectively.

Five Easy Tips to Get Started

1. Write Down Your Goals

Jot down goals across three timeframes: short-term, mid-term, and long-term. Immediate goals might include setting up a budget or paying down debt, while mid-term goals can range from saving for a house to establishing a college fund for your kids. For most, the most significant long-term goals will include retirement planning and creating a strategy for long-term care.

2. Start Budgeting

With your goals in place, the next step is budgeting. Keep track of your monthly spending and look for opportunities to save. To make this task easier, WyHy offers an excellent budgeting tool that you can use to manage your finances more effectively.

3. Plan for the Unexpected

Life is full of surprises. Prepare yourself by establishing an emergency fund, getting appropriate insurance coverage, and taking measures to protect against identity theft.

4. Think About Retirement

Though it may seem far away, it's crucial to start planning for retirement now. Optimize your contributions to retirement plans and take full advantage of any employer-matching programs or other benefits.

5. Keep Reviewing Your Plan

Once you’ve put your financial plan in place, remember to revisit it regularly. A good rule of thumb is to review your plan semi-annually or after any significant life changes, like a move, new job, marriage, or child birth.

WyHy is With You Every Step of the Way

Your journey to financial wellness doesn't have to be taken alone. Schedule an appointment with one of our financial advisors today and get personalized guidance tailored to your unique needs. We're with you, every step of the way!

We're with you!