Isn't That Rich Podcast

Have you ever laid out your outfit the night before, prepped your coffee pot, or packed your lunch so your morning is a little smoother? Well, guess what? You should be doing the same thing with your finances at the end of the month!

Think of it as setting the stage for a fresh financial start—so when the new month rolls around, you’re already ahead of the game instead of scrambling to catch up. In our latest podcast episode hosts Ashley McVicker and Jill Franks went through a whole checklist of must-dos, and trust us, these steps are game-changers. Let’s break them down.

1. Review Your Monthly Expenses (AKA: Face the Receipts)

If there’s one thing that can be both terrifying and enlightening, it’s looking at your bank statement and realizing just how many times you swiped your card at Target this month. 

At the end of each month, take 10 minutes to review your expenses. Pull up your online banking, scroll through your credit card statements, and make sure every charge looks right. Not only does this help you spot fraud or sneaky forgotten subscriptions (looking at you, free trials that never actually got canceled), but it also forces you to really see where your money is going.

*Pro Tip: If you bank with Farmers State Bank, check out the My FSB mobile app—it has a built-in budgeting tool that breaks down your spending into a pie chart. You might be surprised at what slice is getting the biggest bite!

2. Pay Your Bills (Like, Now)

No one likes late fees. No one likes the stress of whoops, I forgot to pay that. The best way to avoid both? Pay your bills before the next month starts.

At Jill's house, they have a rule: If a bill arrives in the mail, they pay it that night. No exceptions. That way, it doesn’t get lost in the “I’ll get to it later” black hole. If automation is your thing, set up auto-pay, but always double-check that the right amount is being withdrawn each month. Mistakes happen, and the only thing worse than a late bill is an overcharge you didn’t catch.

3. Check Your Savings Progress

Let’s be real—saving money isn’t always fun. But checking your savings account at the end of the month can be a great reality check. Did you hit your savings goal? Did life throw you a financial curveball?

Even if you couldn’t save as much as you hoped, anything is better than nothing. It’s like dieting—just because you had a rough day and ate an entire bag of Cheetos doesn’t mean you quit the gym forever. (Although, let’s be honest, that’s tempting.) Keep saving, even if it’s just $10, because your future self will thank you.

4. Set New Financial Goals for the Month Ahead

Whether it's paying down debt, saving for a vacation, or just keeping your grocery bill under control (seriously, how does food cost that much?), setting financial goals before the month starts is key.

Write them down. Stick them on your fridge. Make them your phone wallpaper. Whatever it takes to keep them top of mind. And if you need extra motivation, share them with a friend!

Ashley and Jill talked about how financial conversations with friends can be surprisingly fun—like the time Ashley spent two hours on the phone helping a friend decide between a quilted jacket and an extra student loan payment. (Spoiler: they crunched the numbers, and it turns out student loans are more important than trendy outerwear.)

5. Review & Adjust Your Budget

Your budget is like a roadmap for your money, but road conditions change. Maybe you had unexpected car repairs, or maybe you went a little too hard at Starbucks this month (no judgment). The end of the month is the perfect time to tweak your budget based on real spending, not just what you hoped to spend.

If you need a simple budgeting strategy, try the 50/30/20 Rule:

• 50% of your income goes toward needs (rent, food, bills)
• 30% goes toward wants (fun money, shopping, eating out)
• 20% goes toward savings and debt repayment

Budgets should work for you, not stress you out. If you need to adjust, adjust!

6. Check Your Credit Score

Listen, your credit score is like your financial reputation. It follows you everywhere, and if you’re not keeping an eye on it, you’re in for a rude awakening when you try to get a loan, rent an apartment, or even qualify for a better credit card.

Checking your credit score at the end of the month can help you:

• Spot fraud before it becomes a nightmare
• Track your progress if you're trying to improve it
• Get ahead of any issues before applying for a loan

You can check your credit for free at AnnualCreditReport.com, or most credit card companies offer free FICO scores through their apps.

7. Plan for Your Investments & Retirement

Investing might not feel urgent right now, but trust me, your future self will love you for making it a priority. The end of the month is a great time to review your investment accounts, see how they’re performing, and maybe even add a little extra if you can swing it.

Even small contributions to your retirement or brokerage accounts can make a big difference over time. If you’ve been putting off increasing your 401(k) contribution, now’s the time to bump it up.

8. Declutter Your Finances

Think of this as the “spring cleaning” part of your financial routine. Get rid of old receipts, organize tax documents (don’t wait until April to panic), and—most importantly—cancel subscriptions you’re not using.

Streaming services, gym memberships, meal kits you forgot to pause…they all add up. If you haven’t used it in a month, ditch it.

Time to Make This a Habit

We get it—money can be overwhelming. But checking in on your finances before the month starts makes everything easier. Grab a cup of coffee, sit down with a friend, and make this checklist part of your routine.

Who knows? You might even start enjoying financial planning. (Okay, maybe that’s a stretch. But at least it won’t feel like a chore anymore!)