5 Things You Can Do This Month to Get Your Finances in Order

October 4, 2022

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October is more than just spooky season. It is also financial planning month! While getting your finances in order can feel like a daunting task, taking it one step at a time can help you more effectively organize your financial situation and can make it feel a bit less scary. These tips can help you get started!

1. Calculate & Amend Your Monthly Subscriptions

We are in the age of seemingly endless streaming service subscriptions. But, there are other subscriptions you might be signed up for as well, such as Amazon or a food service subscription. While some subscriptions do make your life easier, you might be dumping more money into these services than you actually are even aware of. Look up each subscription service that you pay for and write down the cost. All these different subscriptions can rack up a serious bill. Tally it all up and see how much is coming out of your paycheck to afford these services. You might want to make some cuts!

2. Skip Eating Out

Eating out, even if it's only once a week, can add up fast. Instead of eating out this month, dedicate a day or two to get groceries and plan out meals for the month. This way, you will always have a plan for what you will be eating and won't need to make stops for fast food either. Skipping eating out might mean foregoing your favorite weekly brunch spot or not picking up dinner from the local fast food joint on your way home. But, make sure you replace these eating out excursions with other meals that you are cooking at home or have already prepared.

3. Organize Your Spending

Taking a peek into your finances can be uncomfortable, but it is an essential in your financial wellness journey and can help you get your budget on track. Some credit card companies will organize your spending online into different categories. You can then view the data as graphs. However, if you do not have access to this, then you will need to track out your spending by hand. Since this can be overwhelming, just start with the month of September. Where was most of your money going for that month? What changes could you make in order to save more? You may want to utilize a spreadsheet in order to help you divide up, as well as add up, your spending by category.

4. Hold Yourself Financially Responsible

Finances can be a touchy subject for many individuals and can lead to them turning a blind eye to their debt. However, debt is nothing to be ashamed of and is actually quite common. According to a report published by CNBC, the average American has over $90,000 in debt. But, this doesn't mean you should just accept your fate. First, recognize that you need to make a plan to combat this debt. Then, create actionable steps that you can take in order to help relieve yourself. Everyone pays off debt at their own place, but you will want to make sure that you are not missing deadlines. Missing deadlines can lead to you having to pay additional fines or penalties.

5. Set Financial Wellness Goals

It's true that in order to achieve true financial wellness you will need to work on your finances for more than just a few days. You should set both long-term and short-term financial planning goals for yourself. Keep in mind that you will want to make sure that these goals are realistic and attainable to you. Otherwise, goal setting can actually discourage you. Set short, simple and easy to reach goals with your long-term goals in mind. This might include adding more money to your savings every month, paying off debt, or creating better spending habits. Aim to make proper financial wellness a lifetime habit. Financial planning should not end in October!

Spotloan: A Smarter Way to Borrow

Spotloan is not like other lending companies; we offer our clients a smarter way to borrow. Our individualized approach to our client's financial needs allows us to help them navigate unique circumstances. For the month of October, we encourage individuals and new clients alike to take their financial wellness into their own hands.

With Spotoan, you can fill out an online application quickly and get a lending decision within minutes. Our qualified and experienced team is available to assist you with any questions you may have. See if you qualify and begin exploring your loan options today!

Investments

Spotloan is a brand owned by BlueChip Financial ("BlueChip"), a tribally-owned entity organized under and governed by the laws of the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Indian tribe (the "Tribe"). BlueChip is located on, operates within, and originates and services loans from the Tribe’s reservation. Though Spotloans are available to residents of certain states, consumers should know that BlueChip’s lending license is issued by the Tribe's Lending Commission, and not by the states in which its consumers may reside. Although the visitation is electronic, consumers are coming on to the Tribe’s reservation and subject to the Tribe’s jurisdiction to obtain a Spotloan.