With October being National Financial Planning Month take action to improve your financial health and manage money wisely.  Whether you are actively paying down your debt or trying to save money, improving your financial health does not have to be complicated.  And with the holiday season quickly approaching there is no better time than now to get your finances in order.

Steps to Manage Money Wisely

  • Rebalance budget for the holidays.

During the holidays, one thing that does not change is our income unless you get a part-time job.  Thinking about holiday travels and gift giving alone is a sign to take time out to review and rebalance your budget.  Doing this will ensure that you are on track to meet your shirt and term long goals.  If you do not have a budget set start by reviewing your last few months of expenses.  Then, look for expenses that you can cut back on such as dining out or cancelling memberships you no longer use.

  • Build your savings.

Holiday spending aside, establishing small budget changes in your daily life will create a habit that will help you save in the future.  Creating a savings account is just as crucial as paying your bills on time.  Sometimes living on less is not as difficult to do when you are trying to save for the future.  Consider pairing your bank account with an online savings account which offers higher interest rates and you save money faster.

  • Consolidate debt.

It is a challenging task trying to manage revolving balances with several credit card accounts.  Look into better methods to manage your debt rather than just transferring over balances.  Search for companies that offer fixed rate, no-fee personal loans to consumers with good credit.  Make sure to use all available resources to understand how much you would be saving with a loan versus high interest credit card rates.

  • Create an emergency fund.

Depending on your financial situation it may be difficult setting money aside to go towards savings.  But for that same reason you should always prepare for a rainy day and set money aside for an emergency fund.  Doing so will provide you peace of mind and reduce stress.  These funds should only be used in the event you have an emergency such as family crisis or medical expenses.

  • Reduce monthly expenses.

Review any recurring charges that are automatically deducted from your account to determine if you still need to pay for these.  Paying utility bills or mortgage payments are necessary but monthly magazine subscriptions or internet may not be.  Cancelling these types of expenses can save you money in the long run.  Make sure to always review automatic charges so you can catch incorrect billing quickly.  Also review expenses such as insurance, cable or mobile plans as you can make adjustments to reduce your payment amount.