Money Smarts Blog

Hey there, It’s Jen, your friendly IHMVCU Financial Coach, and I’m here to help you get your financial goals in shape this fall! October is National Financial Planning Month, and what better time to fall into better money habits? The leaves are changing, pumpkin spice is in the air, and it’s the perfect time to check in on your financial goals. Trust me, just like a good autumn clean-up, a little time spent now can lead to big rewards later.

So, grab a cup of hot cider (or pumpkin spice latte, I won’t judge) and let’s snuggle into how you can make the most of this month and start planning for a bright financial future!

Step 1: Set those financial goals – Big or small!

You can’t crush goals you never set! Big or small, they matter. Now, I know we’re all busy with fall activities (hello, corn mazes and football!), but trust me, setting clear goals is key. You don’t have to plan for a new house or retirement in one go. Start with the basics!

Here’s how to do it:

• Get specific: Instead of saying “I’ll save more,” get into the nitty-gritty. “I want to save $1,000 for a vacation by next summer” is much more motivating, right?
• Make it fun: Goals don’t have to be boring. Whether it’s setting a budget for fall activities or saving for that perfect winter coat, make it something that excites you.
• Break it down: Big goals? Break ‘em up! If you’re saving for a vacation, start by saving $100 each month. It feels a lot easier when you see your goal in small, manageable chunks.

Step 2: Time to get your savings strategy on point!

You’ve got goals, now let’s talk about how you’re going to save for them. It’s like making sure you’ve got a cozy sweater for every chilly fall day. It’s all about preparation.

Here are a few tips to help your savings grow as the leaves fall:

• Set it and forget it: You don’t want to keep worrying about whether or not you’ve saved enough. Auto-transfer into savings each payday. Boom! Future you will thank you.
• Use your seasonal changes to your advantage: Fall is a great time to look at your budget. Maybe you spent less in summer (no more ice cream runs to beat the heat, right?). That’s money you can squirrel away into your savings!
• Build your emergency fund: We know things pop up, especially with the unpredictable weather (hello, snow!). An emergency fund is like your cozy financial blanket, so make sure you’re building one, little by little.

Step 3: Give your budget a fall refresh

Budgets don’t have to be spooky or scary! Just like when you reach for your favorite sweater as the air gets chilly, now’s the perfect time to dust off your budget and give it some TLC. The holidays are creeping up, and a little planning now can keep those extra expenses from catching you off guard.

Here’s how to make sure your budget is ready for the season ahead:

• Track your spending: Use IHMVCU’s online and mobile banking tools to keep an eye on where your money’s going. Small changes, like cutting back on a few subscriptions, can add up over time.
• Plan for big fall expenses (holidays, family gatherings, or way too many Halloween decorations): Got big plans for Thanksgiving or the holidays? Start planning your budget now, so you don’t get hit with unexpected costs when you least expect them.

Step 4: Review and revise – Financial health is a year-round thing!

Financial health isn’t a “one and done” deal. It’s like that cozy fall sweater, you’ll need to keep adjusting as the seasons change. Regularly checking in on your goals, savings, and budget ensures that you stay on track, no matter what curveballs come your way.

Here’s where IHMVCU can really help Schedule a FREE Financial Health Check-Up with one of our IHMVCU financial coaches (yep, me or one of my amazing teammates). We’ll walk through your goals and make sure your plan is working for you, not against you. Schedule your appointment today!

Step 5: Boost your savings with SavingsBooster

Want your money to grow faster than pumpkin patches in October? Check out our SavingsBooster account. It’s a perfect complement to your savings plan, and with SavingsBooster, you earn higher interest on your balance compared to a traditional savings account. Plus, it’s easy to set up, just talk to one of our team members or apply online.

Whether you’re saving for an emergency fund, a big purchase, or that dream vacation, the SavingsBooster account helps you make your money work harder for you.

Ready to make this fall your best financial season yet?

So, what are you waiting for? Let’s make this National Financial Planning Month the start of something awesome! Let’s fall into good habits, sip that cider, and get you set up for a bright financial future. IHMVCU and I are here every step of the way, cheering you on, sweater and all.

Let’s get planning and make this fall the start of a financially bright future.