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I know it’s only the middle of August, but “back-to-school” season is upon us. I always remember my mixed feelings of dreading the end of the summer but the excitement of new notebooks, pencil cases and fall clothes. Even if you don’t have school aged children or school is a distant memory for you, the fall is a natural time to start afresh and review and revisit your financial goals.

It’s a perfect time to not only look forward and set goals, but to also reflect on how far you’ve come. Looking back at the progress you’ve made over the past 12 months may not seem dramatic, but if you consider the past 10 or even 15 years, so much has likely changed, especially in terms of your career and income.

When you were starting out, you probably had a pretty simple financial plan – pay the bills so the lights stay on. Going out to the movies may have meant you’d have a smaller bag of groceries that week, and you may have dreamed of the day when you’d reach a level of success that you’d never need to budget again.

But like the child who dreams of eating chocolate all day when they become an adult, it isn’t such a good idea when the moment arrives. Now that you have achieved a level of financial success, you probably have a lot more reasons to stay on top of your finances.

You may also be feeling the impact of recent increases in interest rates and higher prices for gas, groceries and travel and don’t want to start slipping behind financially.

So, do 6-figure professionals need a budget? Continue reading →