Building Financial Confidence: A Guide for Financial Planning Month

October marks National Financial Planning Month — a perfect time to take a step back and evaluate your financial health. Whether you're just starting out or looking to refine your strategy, this month offers a valuable opportunity to build habits that support long-term financial stability. In this post, we’ll explore practical steps to help you stay on top of your finances, set meaningful goals, and seek expert guidance when needed.
 

Creating a budget

It’s important to set a budget so you know how much money you’re bringing in, saving, and spending. There are many different types of budgeting tools and philosophies out there. The best option is to find one that caters to your goals. A popular choice is the 50/30/20 rule. This is when 50% of your income goes to needs, 30% goes to wants, and 20% goes to saving and paying off debt. When creating a budget, there are four crucial steps:
 

• Determine your monthly income: If your income is annual, take your total annual salary and divide it into 12 to find your monthly income. If your income is hourly, multiply your hourly wage by the number of hours you work in a week and then multiply by four to get your monthly income. Finally, if your income is bi-weekly, multiply your gross bi-weekly pay by twenty-six and then divide it by twelve.
• List your expenses: To list your expenses, check credit card and bank statements to see all your expenses. Categorize all your expenses into fixed expenses, variable expenses, and occasional expenses. Fixed expenses are costs that will be the same each month like rent, loan payments, and insurance. Variable expenses are costs that change month to month like dining out, gas, and groceries. Occasional expenses are expenses that don’t happen monthly but occur throughout the year. Examples of this are vacations, holiday gifts, and home/car maintenance. Once you have calculated all your expenses, estimate a monthly amount.
• Determine necessary and unnecessary spending: When determining what is necessary vs unnecessary spending, just think of your need’s vs your wants. Some needs may include housing, healthcare, childcare, insurance, food, and transportation. Some wants may include dining out, vacations, premium subscriptions, and luxury goods.
• Subtract your total spending from your total income: Now that you know how much money you are bringing in and roughly how much you spend, subtract your total spending from your income. This leftover money is what you can put into saving, paying off debt, or investing.

After you have completed these four tasks, the most important thing to do is to stay committed to your budget and check in on your progress periodically!
 

Checking in with your goals

If you have set financial goals, check in with them periodically to see how far you have gotten. If not, create goals using the SMART acronym. This stands for goals that are Specific, Measurable, Actionable, Realistic, and Time bound.
 

• Specific: Be specific with your goals. Where or what is your money going towards? Instead of generally saying “I want to spend less money this year,” you should say “I want to start saving money to contribute more to my 401k or to my child’s future education.”
• Measurable: How much money are you going to commit to saving? Including a specific number will help you have a clear goal in mind to stick to. A great example of this would be, “I would like to start saving $500 a month to go toward my 401k.”
• Actionable: What actions do you need to take to achieve your goals? Make sure that you attach an action to the goal. It could be something as simple as setting up automatic transfers, so your bank will automatically transfer money from your checking to your savings!
• Realistic: Make sure that your goal is realistic. It is easy to get discouraged from financial goals when they feel unattainable in the timeframe you have set.
• Time Bound: How much time will it take to achieve this goal? 1 month, 6 months, 1 year? Giving yourself a deadline or, better yet, a timeline will help you prioritize and stay dedicated to seeing your plan through.

Meeting with a financial advisor

Meeting with a financial advisor can be a transformative step in your financial journey. Whether you're planning for retirement, saving for a major purchase, or simply trying to get a better handle on your budget, a financial advisor can help you assess your current financial situation and identify opportunities for growth. They bring expertise in areas such as investment planning, retirement planning, and insurance planning, and can tailor their advice to your unique goals and life stage. Regular check-ins with an advisor can also help you stay accountable and adjust your plan as your circumstances evolve. If you’re interested in personalized guidance, consider scheduling a consultation with an advisor at Point Breeze. 


Financial planning isn’t just about numbers—it’s about creating a life of stability, opportunity, and peace of mind. By budgeting wisely, setting SMART goals, and seeking professional advice, you’re laying the foundation for a more secure future. At Point Breeze, we’re committed to helping you every step of the way. Take advantage of Financial Planning Month to start fresh, stay focused, and move confidently toward your financial goals.

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