Smart Finances for Fall
Here’s why you should keep a closer eye on your finances throughout the autumn months!
Spring and Summer Spending
This year has looked different for all of us, but the end of summer and beginning of fall is still the perfect time to sit down and consider your year’s flexible expenses. You may not have taken a summer vacation this year, but perhaps you’ve made changes to your home office, taken advantage of ultra-low interest rates, or just made a few purchases to enjoy some socially distant warm-weather activities. It’s important to know where your money is coming from and where it’s going. Have you had to borrow from your savings account or use a credit card? Consider how you plan to replenish or repay these accounts. If you need help with this step, our Financial Education Program comes with free one-on-one financial coaching and free virtual workshops designed to help you succeed with a plan that’s right for you.
Back to School Spending
If you or your kids are heading back to school, you may need to change up your spending plan this year. Perhaps you need new software, hardware, or a space to “school-from-home”. It’s important to stay in control of these necessary expenses that add up quickly. Take some time to lay out these expenses so you can better control them throughout the school year.
October is Financial Planning Month
Coming just around the corner is what is known as “the October Effect”, so named for several days in October that have marked the beginning of economic downturn. It is also the start of the federal fiscal year. For these reasons, October has become known as National Financial Planning Month, where consumers are encouraged to think about their future. Consider your short and long-term plans, review your goals, and learn about options for savings.
It’s a good idea to slow down your spending in the final days of summer, and start to pad your savings accounts for winter. The holidays might mean a little less travel and fewer social gatherings, but you’ll still want to be prepared. Ensure you won’t be stressed for the season with early planning and extra help. Check out My Finance Tool, the interactive budgeting tool to see all your accounts, all in one place. Track your spending patterns and see where you can hoard your holiday cash. My Finance Tool can be easily accessed through Online Banking! An extra tip – keep a look out for holiday loan specials from BMI Federal Credit Union beginning in November!
When in Doubt, Ask for Help
If you don’t know where to start, you’re not alone. That’s where we come in! At BMI Federal Credit Union, we are in the business of improving financial lives. As an award-winning financial institution, we do it all, from mortgages and home equity loans, to checking and savings accounts, to credit cards, to HSAs, to auto loan financing and refinancing, and more. We are also proud to provide exceptional Member Service, and a Financial Education Program that’s designed just for you. Call us at 614.707.4000, explore our website, or schedule to visit any one of our five branches in Dublin, Westerville, or Columbus.
BMI FCU is open to everyone who lives, works, worships or attends school in Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware or Morrow County. All loans subject to approval. This credit union is federally insured by the National Credit Union Administration. NMLS number 410831. Equal Housing Lender.