Skip to page content
Home — The Osborn — Options for Living
  • Independent LivingExpand Independent Living section
  • Assisted LivingExpand Assisted Living section
  • Skilled NursingExpand Skilled Nursing section
  • Memory CareExpand Memory Care section
  • RehabilitationExpand Rehabilitation section
  • Home CareExpand Home Care section
  • FoundationExpand Foundation section
  • About
  • News/Media
  • Events
  • Blog
  • Careers
  • Residents
  • Show Phone Menu 888-967-2676 888-9-OSBORN
  • Contact
  • Donate
  • Careers
Menu
  • About
  • News/Media
  • Events
  • Blog
  • Careers
  • Residents
  • Show Phone Menu 888-967-2676 888-9-OSBORN
  • Contact
  • Donate
  • Careers
Show Phone Menu 888-967-2676 888-9-OSBORN
Contact
Donate
Careers
Menu
Home
  • Independent Living
  • Assisted Living
  • Skilled Nursing
  • Memory Care
  • Rehabilitation
  • Home Care
  • Foundation
  • About
  • News/Media
  • Events
  • Blog
  • Careers
  • Residents
  • Show Phone Menu 888-967-2676 888-9-OSBORN
  • Contact
  • Donate
  • Careers
Show Form
Call Us
  • Main number
    914-925-8000
  • Toll-free
    888-9-OSBORN
    or 888-967-2676
  • Independent Living
    888-392-7058
  • Assisted Living
    888-458-2403
  • Skilled Nursing / Short-Term Rehab
    888-618-1101
  • Long Term Care
    888-735-8524
  • Memory Care
    888-794-2644
  • Home Care Westchester County
    888-813-6782
  • Home Care Fairfield County
    888-594-0957
  • Miriam's Attic Shop
    914-925-8626
Independent Living
  • Overview
  • Garden Homes
  • Apartments
  • Amenities
  • WellSpring
Assisted Living
  • Overview
  • Studio, 1 & 2 Bedroom Apartments
Skilled Nursing
  • Overview
  • Long-Term Care
  • Respite Care
Memory Care
  • Overview
  • H.O.P.E. Center
Rehabilitation
  • Overview
  • Short-Term Rehabilitation
  • Outpatient Rehabilitation
Home Care
  • Overview
  • 5-Star Care
  • Westchester County, NY
  • Fairfield County, CT
  • FAQ
  • Resources
Foundation
  • Overview
  • Purpose
  • Why Give?
  • Ways to Give
  • Funding Areas
  • Community Relations
  • Foundation FAQ
  • Donate to The Osborn Foundation
  • Blog / Events
About
  • Overview
  • Welcome Letter from our CEO
  • Leadership
  • Board of Trustees
  • Schedule a Tour
  • History & Mission
  • Accreditations
  • Community Map
  • FAQ
  • Virtual Tour
News/Media
  • Media Releases
  • Events
  • The Osborn Blog
  • Marketing Materials
  • Podcasts
  • Photo Galleries
  • Media Inquiries
  • TV Commercials
Residents
  • Overview
  • Free Entertainment / Streaming
  • Dining
  • Testimonials
  • Wellspring Cafe Store
  • Visitor Information
  • Overview
  • Garden Homes
  • Apartments
  • Amenities
  • WellSpring
  • Overview
  • Studio, 1 & 2 Bedroom Apartments
  • Overview
  • Long-Term Care
  • Respite Care
  • Overview
  • H.O.P.E. Center
  • Overview
  • Short-Term Rehabilitation
  • Outpatient Rehabilitation
  • Overview
  • 5-Star Care
  • Westchester County, NY
  • Fairfield County, CT
  • FAQ
  • Resources
  • Overview
  • Purpose
  • Why Give?
  • Ways to Give
  • Funding Areas
  • Community Relations
  • Foundation FAQ
  • Donate to The Osborn Foundation
  • Blog / Events
Contact Us Today! Phone Directory
Page Content
Back to Blog
Previous Post Next Post

Financial Planning Can Make A Difference

October 15, 2022
Financial Planning


~ by Richard Sgaglio

Many people struggle with finances because they are not prepared for the future. The good news is that there are steps you can take to help correct this. October is National Financial Planning Month, and it's the perfect time to review your finances and take action that can lead to better financial success. These six steps may help you improve your finances.

  1. Check your spending and set a budget

Take a look at your credit card and bank statements and tally up your spending. You may find that you're overspending in some budget categories, and adjusting your spending can free up money for debt payoff or savings goals.

It's also a smart idea to take some time to create a budget. Setting and following a budget can help you avoid overspending each month. Budgeting doesn't have to be a struggle and even beginners can successfully set a budget.

  1. Reduce bills and expenses where possible

You may be paying for unnecessary bills or expenses. Perhaps you're paying for a product or service that you're not using, or maybe you buy lunch every day but could instead pack some food most days and treat yourself to takeout once a week. As you examine your spending habits, see if you can find areas to cut back. Even small changes can add up over time.

  1. Put a stop to paying silly fees

Fees add up, and they eat into your hard-earned money -- whether it's bank service fees, ATM fees, overdraft fees, or late fees. Now is the time to see if you can reduce or even eliminate them.

Here are some ways you might be able to cut down on these pesky fees:

  • Open an account with a bank that reimburses ATM fees
  • Use a bank that doesn't charge overdraft fees
  • Switch to a free checking account
  • Schedule bills in advance at the start of every month

Taking advantage of banking and bill pay options that don't hit you with frequent charges can allow you to wave goodbye to these silly fees for good. And that could free up a little more of your hard-earned cash.

  1. Prioritize debt payoff

If you have a lot of debt, it may feel impossible to get ahead financially. The longer debt accumulates, the bigger it will get, and interest charges can add up fast. If you're in debt, we recommend prioritizing debt payoff. If you're unsure where to begin, this guide outlines how to pay off debt and the best steps to take.

  1. Set up automatic savings

Many households have no emergency fund. If you don't have emergency savings, going through a challenging life situation can be even more stressful. You may have to use a credit card to pay for unexpected expenses, which could result in more debt.

Try to start an emergency fund and contribute a bit each month. Even a few dollars can help get you started. For example, setting aside $25 per week will add up over time. That's $1,300 saved after a year. Maybe you can afford a little less or a little more. Either way, it will accumulate.

It's also a good idea to open a separate savings account to keep your emergency money so you're less likely to touch it, and so you know exactly what those funds are for.

Setting up automatic savings is also a good bet. When you automate savings there is no forgetting, and it's harder to make excuses. You can automate an amount you choose to come out of your bank account each week or month and go right into your savings account.

  1. Review your insurance policies

Whether you have rental, vehicle, or home insurance policies, review them often. You may need to make adjustments to your coverage if you've experienced life changes -- and to make sure you're not overpaying.

Take a good look at your insurance deductibles, too. The deductible is the amount the policyholder pays before insurance kicks in. Depending on your financial situation, it may make sense to lower or raise your deductible amount. Having the right coverage can help policyholders avoid financial stress when it comes time to file a claim.

Also compare rates and make sure you're paying a fair rate for your policies. Not all insurance companies price their policies the same way, and average insurance rates can change over time. So it’s a good idea to shop around each year before your policy renewal is due. You may be able to save money.

As the weather begins to get cooler and fall sets in, consider celebrating National Financial Planning Month by reassessing your finances. Taking the time to make a few small changes now may improve your finances over time -- and that's a good thing for you and your wallet.

Want to learn more? Please check out these free resources from Credit.org.

The information in the above blog post is not intended to be a substitute for professional financial advice. Please speak with your financial,  tax or legal advisor before making any financial decisions.

More Posts

  • International Women's Month

    March 15, 2023

    ~ by Carol Vartuli

    A March Challenge

    Who originated the concept of a cotton gin and helped solve the mechanical problems encountered by patent-holder Eli Whitney (1794...

  • Downsizing & Preparing to Move

    March 1, 2023

    ~ by Richard Sgaglio

    You are headed for fresh, new surroundings, where you’ll be free from the care of a house and yard. Yet, the transition can be bittersweet. You’ll need to shed belongings, and the task may seem...

  • Celebrating Valentines Day with an Aging Loved One

    February 14, 2023

    ~ by Richard Sgaglio

    Just when you think the holidays are behind us, Valentine’s Day is here! Some people think this is the most romantic day of the year. However, for others it can be a bittersweet day with mixed...

More From the Blog
  • Facebook
  • LinkedIn
  • Instagram
  • YouTube
  • Independent Living
  • Assisted Living
  • Skilled Nursing
  • Memory Care
  • Rehabilitation
  • Home Care
  • Foundation
  • About
  • News/Media
  • Events
  • Blog
  • Careers
  • Residents
  • Show Phone Menu 888-967-2676 888-9-OSBORN
  • Contact
  • Donate
  • Careers
US News Best Nursing Homes - Long-Term Care 2022-23 US News Best Nursing Homes - Short-Term Rehabilitation 2022-23 Centers for Medicare and Medicaid Services 5-star Rating
The Osborn 101 Theall Rd Rye, NY 10580 914-925-8000
© 2023 The Osborn All Rights Reserved Privacy Policy
The Osborn is a 501(c)(3) non-profit organization
ADA
EHO
CARF-CCAC
Site by Piszko