October is Financial Planning Month, a time to get your finances in order. Whether it's investing, creating a budget, or planning for retirement, this is the perfect time to review your financial situation. As the holidays and the new year approach, Financial Planning Month reminds us to control our spending and prepare our budgets. It's always better to give than to receive, but it's smarter to stick to a budget all year long. Financial Planning Month is an opportunity to review our spending habits and develop a strategy for reaching our financial goals.
There is a wide range of areas that financial planning could cover, such as investment, taxes, savings, retirement, estate planning, insurance, and many more. Financial planning is the process of thoroughly analyzing your financial situation and designing a specific plan to achieve your goals. Estate planning also involves appointing someone to handle your financial and medical matters if you become incapacitated. It's important to create a cash flow analysis to ensure that the retirement income stream lasts a lifetime, determine what type of insurance (if any) you may need, and review your estate planning needs. Talk to an attorney who specializes in estate planning to ensure that your assets are properly designated for your heirs and to prepare financial and health power of attorney documents.
