Jump to main content
Routing # 307086691 | Wiring Instructions

Monday Messages

October is Financial Planning Month

October is National Financial Planning Month. With the holidays right around the corner, National Financial Planning Month serves as a great reminder to take a looks at your financial plans and take steps to improve your overall financial health. A financial plan is a roadmap for how to manage your money so you can achieve your future goals. Don’t worry if you don’t have a financial plan. You’re not alone- It’s never too early or too late to start.

Create or Review Your Financial Plan

Creating a financial plan doesn’t have to be complicated—in fact, WyHy has a team of financial advisors here just to help you! When you are ready to begin planning, start by thinking about your short-term financial goals. Do you want to get out of debt? Do you want to spend less this holiday season? Now determine your long-term financial goals. Do you want to build up your kids’ college funds? Do you still want to retire by a certain age? Overall, you need to have a clear picture of your income, spending habits, and savings.

Five easy tips to get started.

  1. Write down your goals: Start by writing down three different types of goals. First, set some smaller or more immediate goals, like establishing a budget, getting out of debt, or saving up for a vacation. Mid-term goals can include saving for a house, starting a college savings plan for your kids, or paying off your student loans. For most people, the biggest long-term goals are saving enough for retirement and creating a plan for long-term care.
  2. Start budgeting: Now that you’ve set some goals for yourself, make them happen by keeping track of your monthly spending and finding ways you can save and budget. WyHy offers a great budgeting tool to help!
  3. Plan for the unexpected: One thing is sure—your plan will never go exactly as you expect. Make sure you’re covered by starting an emergency fund, getting the right insurance, and protecting yourself and your family against identity theft.
  4. Think about retirement: While retirement may seem far away, building wealth takes time. Make sure you’re prioritizing your future self by optimizing your contributions and taking advantage of any employer benefits.
  5. Keep reviewing your plan: once you’ve established your financial plan, it’s important to review it regularly and make any necessary adjustments. A good rule of thumb is to assess your financial plan a few times a year and after any major lifestyle changes, such as moving, getting a new job, getting married, or having kids.

WyHy is here to help you with your financial goals! Set up an appointment with one of our financial advisors today to get started! We're with you!

START YOUR FINANCIAL PLAN