By It’s that time of year when I’m sure most of you are still enjoying the long days of summer, and any getaways you may have planned for the rest of the summer season. That said, now is a good time to start thinking about your fall budget, especially with costs rising for nearly everything.
Think about it though: Kentucky football and tailgates, Keeneland, kids’ sports and other activities, church groups, Halloween, and, believe it or not, Christmas, are all coming onto our financial radar screen. People are starting to put their requests for time off during the holidays, so financial planning shouldn’t be far behind.
A recent study revealed that many people spend more time planning for their summer vacations than they do planning for retirement, and I’m pretty sure the same holds true for Christmas and other fall/winter expenses. Between church carnivals, extracurricular activities and other fall events, this really is a fun time of year, and we want our client families to enjoy life as much as possible. Financial planning is as much about budgeting for some fun as it is planning for a secure retirement.
And remember, especially if retirement is still a ways off for you: sometimes the best retirement plan is not having to borrow from your retirement accounts due to financial emergencies that came down to not being prepared, and then overspending. We want to help you avoid having to cut back or raid your emergency fund for lifestyle expenditures that weren’t thought through. Just as you budgeted and planned for your family’s summer activities, we want to encourage and help you approach fall and holiday spending in the same thought out manner. That way, your retirement plans don’t take a hit, while you and your family create many new memories that you will look back on for years to come.
What questions do you have about planning your fall finances? Do you know someone who could use a second opinion about their financial plan? Please, give us a call today.
Article by David Smyth, Senior Partner at Family Financial Partners — a financial services firm in Lexington, Kentucky.