Financial Planning Month

In honor of Financial Planning Month, check out these three tips

October is Financial Planning Month, and the timing couldn’t be better. After all, the holidays are coming and Halloween before that, meaning we’ve got money, tricks, and treats on our minds! In honor of Financial Planning Month, here’s a little advice on how you can start this season off on the right foot (and more money in your pocket):

  1. The hustle is real (and the financial perks can be, too)

Everyone has something they’re good at. Whether you have a proclivity toward classic literature, you are adept at explaining things, or you can knit a mean sweater, the trick to having a talent is to find a way to monetize it! Tutor at a local organization like Tutor Doctor or teach a fitness class at one of the area’s gyms. Put those sweaters up on Etsy! And, if you aren’t certain where your lucrative talents lie, take advantage of giving your opinion. That’s right—you can get paid to share your thoughts thanks to various survey sites like Survey Club and Survey Junkie. These sites allow you the ability to make up to $10 per round of short survey questions. Read, click, and watch the money pile up!

  1. Invest now [even if it’s just a little at a time]

“Investing” can feel like a daunting term, but that’s only because we apply huge sums to the notion. It turns out that small, consistent investments done right now almost always win out over a huge investment 10 years from now. After all, we have no way to know where we’ll be in 10 years! In the spirit of a smarter take on living in the present, consider this: If you invest just $100 per month now over 10 years with a 15% return, you’d have $24,770 in 10 years. That’s your investment—doubled! Investment apps like Acorns are a great solution to test the investment waters. This mobile app is free to download and lets you invest as little as a penny at a time. It rounds up your purchases and invests your money when $5 is reached across 7k stocks and bonds, all with a seriously reduced risk. Use that spare change for good instead of letting it sit in between your couch cushions!

If you’re thinking of investing a bit more to see that long-term growth (remember: no time like now!), check out our investment account options at RiverFall Credit Union.

  1. Don’t spend what you don’t have

This is better known as “living within your means.” One of the easiest/hardest financial lessons to learn is not to live off of credit cards. But—that’s a paradox, you might say. Here’s why it’s both easy and hard: In theory it’s super easy NOT to buy the thing you can’t afford at this point in time. You just choose not to buy it. But with credit cards and other debt instruments so readily available to finance your dream car, boat, house, red-bottomed shoes you’ve wanted for forever, etc., you may think, “Why the heck not? I’ll pay it off later!” It’s almost always better in the long run to pay in cash, of course, but should you choose to use a credit card, pay it off in full and ON TIME!

While none of these ideas is going to necessarily make you rich, these tips are a great way to take charge of your financial future without shaking up your life too much. For more money matters, speak to one of our knowledgeable team members by visiting