September: Create a Financial Plan for the Year

Sep 8, 2020, 18:31 PM

It’s now September and we are getting out of the summer pools and into the back-to-school routine. Grab your pumpkin spice latte as this season is a great time to focus on your financial plan. With the kids back in school and the holidays still on the (semi) distant horizon, September takes on a feel of re-commitment and renewed motivation. Set up your budget easily in Metro’s online banking where you can view the summary of your budget, spending, income, and banking transactions. If you are new to budgeting, here is a brief article about budgeting basics. You can also take a quick 15-minute Save and Succeed course about budgeting basics.

Action items to Consider When Creating a Financial Plan

  • Try a Zero-Spend Day or Month:

You commit to spending zero dollars for one day up to 31 days. Some people may make exceptions for items like gas or basic groceries. Others find more success when they go cold turkey and drop all spending for the entire month. Is it tough? Well, yes, it’s definitely a challenge, but it’s also extremely rewarding. By the end of the month, you will boost your savings, learn how to maximize the assets you already have on hand, and start to build life-long habits to keep you moving toward financial freedom.

  • Take the First Steps Toward Planning Long-Term Financial Goals

If your long-term financial goals are keeping you up at night, it’s time to sit down and sketch out the lay of the land. Visit the course about creating a financial plan for your priorities and goals on Save and Succeed. Instead of simply focusing on the next bill and the next month (or even the next six months), think of where you want to be financially in five, ten, or even twenty years. Is your goal to be debt-free? Retired? Do you plan to pay off your mortgage and student loans? Get started with the help of Metro Credit Union with your savings and retirement needs.

  • Create Lunches Your Kids Will Love—For Less!

School lunches are often $3-$4 each. If you and your spouse also opt to purchase lunch, you could drop $16-$20 a day on a few sandwiches and drinks! That adds up to almost $400 a month on lunches alone (an entire grocery budget)! A few loaves of bread, PB&J, tuna or chicken salad, and sides are more satisfying and nutritious for lunch. Plus, you’ll know your kid is getting a lunch they like, rather than paying for a lunch they’ll pick at and throw away.

  • Bonus: Best Purchases in September

September is a great time to buy appliances (except for refrigerators). As manufacturers release new models, the previous year’s versions go on closeout. It is also the last hurrah for lawn and garden items. While the selection is limited, the prices are deeply discounted by the beginning of fall. If your lawnmower isn’t going to live through the winter, fall is a great time to replace it. Fall is also a great time to purchase a car due to the new models being released at the end of the summer.

Metro Credit Union in Omaha, Nebraska

Welcome autumn with big goals and the big picture in mind. Use the beginning of fall to set yourself up for financial success through the rest of the year! Make sure to register and utilize Metro’s FREE Save and Succeed financial resource to help you end the year strong!

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