October 2023 Financial Check in
“Anything you are good at contributes to happiness.”
National Coffee Day is October 1
Is a latte factor holding you back from achieving your financial goals? David Bach coined the term "latte factor" to describe how we spend our money on everyday items that don't add any value to our lives.
To Do: Assess the impact of frequent purchases on your financial goals by reviewing your spending habits.
Resource:The Latte Factor by David Bach and John David Mann
FAFSA (Free Application for Student Aid) applications open October 1
A FAFSA application is required if you are seeking financial aid for college. Using the FAFSA, you can apply for federal, state and school-based aid, such as grants, scholarships, student loans, and work-study. There are two reasons why it is recommended to submit applications soon after the opening date of October 1 rather than waiting until the June 30 deadline. States and schools usually set their FAFSA deadlines earlier than the federal government. In addition, some financial aid is distributed on a first-come, first-served basis.
To Do: Create your Federal Student Aid (FSA) ID and password and complete the FAFSA.
Resource:FAFSA® Application | Federal Student Aid
National Health Saving Account (HSA) Awareness Day is October 15
HSAs are similar to Flexible Spending Accounts (FSAs) in that they can be used to pay for medical costs, as well as other eligible expenses. A HSA also offers triple tax savings and the ability to carry over funds from year to year. Applicants must be enrolled in a high-deductible health insurance plan and not enrolled in any other insurance plan, such as Medicare.
To Do: Discover how HSAs work or review your current contributions and investment options.
Resource:HSA vs FSA - YouTube
Don't bust your budget.
Autumn’s officially here! While your are living the pumpkin-spice-latte lifestyle, don’t fall down on your budgeting. Remember these items when you set up October’s budget:
- Halloween costumes, candy, and celebrations
- Fall activities and photos
- Clothing- new jeans and winter wear
- Upcoming travel expenses
- Christmas fund
- Seasonal food like candy corn, squash soup, and everything pumpkin!
Johnson County K-State Research and Extension upcoming Classes and Events | Johnson County (k-state.edu).