October is National Financial Planning month, here are tips on planning your financial future

The video discusses financial planning during National Financial Planning Month, focusing on major life events like weddings, buying a home, and college. It emphasizes early planning, exploring financing options, and balancing long-term goals with immediate needs. The 50/30/20 strategy is recommended for managing finances, and various tools and resources are suggested for effective budgeting. The importance of working with financial advisors is also highlighted.

What is the focus of National Financial Planning Month?

• Improving physical health

• Enhancing culinary skills

• Learning new languages

• Getting smarter about money

When is it ideal to start financial planning for major events like weddings or college?

• A few months in advance

• Several years in advance

• After the event has occurred

• A week before the event

What is a crucial factor to consider when evaluating financing options?

• The brand of the retailer

• The length of the application form

• The interest rates

• The color of the credit card

Which of the following is a big life event that requires extra budgeting?

• Buying groceries

• Reading a book

• Having a baby

• Going for a walk

What is the 50/30/20 strategy in financial planning?

• 50% investments, 30% savings, 20% wants

• 50% wants, 30% needs, 20% savings

• 50% needs, 30% wants, 20% savings

• 50% savings, 30% investments, 20% expenses

Which app is mentioned as a good budgeting tool?

• Facebook

• YNAB

• Twitter

• Instagram

What is a recommended method to ensure consistent savings?

• Automated savings programs

• Manual transfers every day

• Ignoring savings

• Spending all income