It’s spooky season, boos and ghouls! While many of us are carving pumpkins or picking out our favorite costumes, some millennials are living in fright for their finances. Maybe we are haunted by the ghosts of our financial past, have a few lingering student loan skeletons in the closet, or caught in a spider’s web of confusion in our financial journey.
As someone who has walked this haunted mansion of personal finance many times with many people, I am here to help make your finances a little less tricky and a little more treat-y. Grab your PSL, and let’s get to work!
Understand your surroundings and know where you stand.
Finances can feel a lot like a haunted mansion where you wonder what horror is behind the next door. Sometimes, the best disinfectant is sunshine. It works for vampires! Set a time to dedicate to name your assets and liabilities. Assets are what you own, and liabilities are what you owe. Figure out what money is going in and what is going out. Shine a light on all sides of your finances.
Put your skills to practice.
Sometimes, the scariest part is the first step. Pick something to put into your financial wellness practice once a week or a month. Start with putting a date on the calendar to update your budget or research high yield savings accounts. Set a time to look at your retirement plan or IRA and make sure you’re on track for retirement in your later years. A small step now can make a huge difference.
Plan for the spooky surprises.
Life is going to happen. Spooky surprises come when you least expect it. If you’re prepared financially with a sufficient emergency fund that covers at least 3 to 6 months of your regular expenses, those surprises become more of a Casper the Friendly Ghost situation.
You’ve got everything you need to make the first step. And if you’re not sure of where to start, that’s where you bring in a financial planner like me. As spooky season is approaching, don’t let your finances spook you!