3 money moves to make this October before the holidays begin
October has always been my favorite month. It's not just about the pumpkin spice lattes—(which are a bit too sweet for me anyway).
I’m from New England so for me it’s about flannel, foliage, chile, football games, and my personal favorite tradition, visiting Spooky World, the legendary haunted house for those who haven't had the pleasure in New England.
These autumn staples come with a sense of nostalgia and comfort for me.
Outside of my autumn favorites, this October feels less cozy than normal.
The job market has been steadily slowing, it's especially tough for those trying to navigate rising costs on an average salary, and for some, dreams of homeownership feeling more distant than ever. Add on top of that a bunch of unknowns with upcoming election and managing your money might feel overwhelming.
While there's no magic solution to future-proof your finances overnight, there are essential steps you can take now, before the hustle and bustle of the holiday season takes over:
1. Track Your Spending and Create an Intentional Plan
Over the last few years, roughly 1/3 of the American population goes into debt to pay for the holidays.
If you don’t know where your money is going every month, this is the time to figure it out.
Getting a handle of how money is coming in and out of your life will give you a lot of clarity on what to spend this holiday season.
You don’t have to spend hours counting every dollar, but one activity that can be really helpful is reviewing your last 3 months of expenses and tallying up each main category. This exercise can help you quickly identify if there are some changes you can make, knowing that the holiday season is rapidly approaching.
A great tip is to use a free wealth aggregator like Empower. This tool allows you to see all your financial accounts in one place—savings, investments, loans, property, and credit cards. It’s an eye-opener and can help you manage your finances more effectively.
2. Protect Your Income
Here's an unpopular opinion: think twice before changing jobs right now.
The job market is unpredictable, and layoffs are still a reality.
If you're in a toxic work environment or significantly underpaid, seeking new opportunities makes sense.
However, remember that being the newest team member might put you at greater risk if layoffs occur.
3. Keep Investing—or Start if You Haven’t Yet
Despite it being an election year, the market is up over 20% at the time of this writing.
So naturally, everyone feels like the market is going to crash so we should “wait for the dip.”
It could happen soon.
Or it could be a while.
The truth is that we don’t really know.
What we do know is that the stock market goes up over time.
Knowing that, the best strategy is to invest consistently over time.
Historical data shows us that the market has bounced back strongly after major downturns:
The dot com crash in 2000 saw the market drop by 49%.
The 2007 subprime mortgage crisis led to a market fall of over 50%.
The 2020 pandemic resulted in a 34% decline.
Yet, each time, the market recovered to new highs.
Investing is a long-term game, and understanding market cycles is key to navigating these waters. If you're hesitant about investing due to fear of loss, that's normal. It doesn't mean you're bad with money—it just means you might need a bit more knowledge under your belt.
As the leaves change and the air grows crisp, let this October be the start of a financially savvy season for you.
It's the perfect time to take charge of your finances and set yourself up for a future as bright as the autumn foliage.
Ready to learn more? Don’t miss my next free investing workshop, right here.
Wishing you happiness, health, wisdom, and wealth...and yes, flannel.
