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Financial Planning Month

Financial Planning Month – October 2024

Financial Planning Month is observed nationwide during October. With the holiday season coming up (aka hefty gifting expenses) and the new year just around the corner, Financial Planning Month is a great opportunity to get your finances and budgets in order before life gets too busy.

History of Financial Planning Month

Financial planning as a concept has been around for a long time, but not as we know it today. When Loren Dunton set up the Society for Financial Counselling Ethics in 1969, or when the first graduating class of the College of Financial Planning graduated in 1973, financial planning was very different. It was centered around selling limited partnerships, which came to end with the Tax Reform Act of 1986.

However, financial planning re-emerged — all thanks to Richard Averitt III. The certified financial planner gave new meaning to financial planning, this time with a focus on who the client is and what their needs are. This approach was purely methodological in nature.

Soon after, financial planning picked up again. According to the Certified Financial Planner (C.F.P.) Board of Standards in Denver, today, there are more than 94,000 C.F.P.s worldwide, including over 48,000 in the U.S. Additionally, there are also organizations that have been set up for C.F.P.s, such as the Financial Planning Association (FPA), which has approximately 22,000 members.

Financial planning, as we know it now, includes investing, tax planning, retirement planning, and basically other ways to get your finances in order and create mindful budgets to ensure a safe and secure future. Getting a step ahead of your spendings and finances is beneficial in the long run and Financial Planning Month is the perfect time to do that.

Financial Planning Month timeline

Society for Financial Counselling Ethics

Loren Dunton and 13 other members meet at Chicago O’Hare Airport to form the Society for Financial Counselling Ethics.

College of Financial Planning

The first-ever class of College of Financial Planning graduates.

Fall of Financial Planning

The Tax Reform Act puts an end to limited partnership-oriented financial planning.

Financial Planning Redefined

Richard Averitt III gives financial planning a new image.

Financial Planning Month FAQs

When is Financial Planning Month?

Financial Planning Month is observed throughout October.

When is a good time for financial planning?

You could start as early as the day you get your first paycheck.

Who is a financial planner?

A financial planner helps individuals and organizations set up a system to meet their financial goals. 

How to Observe Financial Planning Month

  1. Explore investment opportunities

    Use this Financial Planning Month to look at different investment opportunities that fit your budget. It is important to invest in your future.

  2. Use a retirement calculator

    It’s never too late to start. If you haven’t started retirement planning yet, find a calculator on the internet and start today!

  3. Track your savings and spendings

    Whether it is through an app, an Excel sheet, or your diary, start a savings and spendings tracker to stay on top of your finances and detect patterns that need to change.

5 Interesting Facts About Finances And Financial Planning

  1. It benefits you today

    Financial planning isn’t just for the future; it has instant benefits for the present as well.

  2. The simpler, the better

    Financial plans that are short, simple, and concise are more efficient and effective than long, overly complicated ones.

  3. It can add up

    The average U.S. consumer spends approximately $63,000 every year (yikes!)

  4. Millennials’ parents had more power

    Millennials reportedly have less purchasing power than their parents did at their age.

  5. Scrolling isn’t saving

    Reducing time on social media actually helps save money.

Why Financial Planning Month is Important

  1. It reminds us to invest in ourselves

    This month is a sign to take a minute from mindless spending and invest some time and money in our future.

  2. It creates awareness about financial planning

    For young adults who are just starting to earn, this month spreads awareness that it's never too late to manage your finances and you don’t need an elaborate system for it.

  3. It highlights the value of responsibility

    Whether or not people choose to participate, it is a reminder that our actions right now determine what our future will look like and creates a sense of responsibility.

Financial Planning Month dates

2024October 1Tuesday
2025October 1Wednesday
2026October 1Thursday
2027October 1Friday
2028October 1Sunday
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