We’ve made it to the final four months of the year — the home stretch of what has been a year we won’t soon forget, to put it lightly. Before you hit the gas and power through to what we can only hope will be greener pastures in 2021, let’s pause and discuss some financial steps to take this month that will set you up for future success. Here are five ways to improve your finances in September.
MAKE A DEBT PLAN
One of the most important things you can do to improve your financial well-being is to tackle any debt you may have. But it can be tricky to determine the best course of action, especially if you have multiple payments to prioritize — this guide can help you make a debt pay-down plan.
For instance if you have loans, know that federal student loan payments are currently suspended without interest until Dec. 31. While you should continue to make payments if you can, because any payment you make will go toward the principal, you’ll want to balance it with other bills you may owe. A financial advisor can be a great resource to help you put together a plan.
READY YOURSELF FOR RETIREMENT
In addition to Labor Day, another day of note this month is National Grandparents’ Day on Sept. 13. After you send your loved one a card or give them a phone call to remind them how much they mean to you, it’s a good idea to revisit your plans for when you get to be their age. While this year has been unpredictable, you can ensure you stay the course and come out strong on the other side. Curious to see how you’re doing, or how far along you are with your savings? Take our retirement quiz to test your knowledge.
LOOK INTO INSURANCE
September is also Life Insurance Awareness month, and as a life insurance company, we’d be remiss if we didn’t recommend you look into either putting a policy in place or revisiting your existing one. This quiz can help you learn a little more about life insurance and how it fits into your financial plan. While you’re at it, you might even read up on what to know about other types of insurance, such as disability insurance.
HOME IN ON YOUR HOME COSTS
If you’re a homeowner, it could literally pay to take some time this month to shop around for a lower mortgage rate. While you’ll want to act before rates go up, give our list of mistakes to avoid a read before you start filing the paperwork. And if you’re in the market to move, read up on how to research a new neighborhood if you’re not able to visit in person.
GIVE YOUR INCOME A BOOST
Now that summer has ended and many of us are back to the virtual work and learn grind, consider taking advantage of the time you’re spending online and look into one of the many job opportunities that can be done from the comfort of your home. One idea, if you’re particularly good with kids or have a specific skill or subject to teach, is to become a virtual babysitter or tutor. Not only is it a way to boost your income, but you’ll also give parents a well-deserved break.