4 Tips for a Fall Financial Refresh

There is something about fall that makes it feel like a good time for a refresh. Maybe it’s the changing of the leaves and that crisp fall air—or maybe it’s looking at your credit card statement after all of that summer fun. Either way, it’s worth taking every chance you can get for a reset. Here are four tips to make the most of the time we have left this year:

Map out big expenses

With only three months left in the year, you can more easily anticipate upcoming large financial expenses. Do you have any travel planned? What will the holiday season look like for you? Are you planning any major home updates?

Grab a calendar and mark down those events and the estimated cost associated with each. Then you can start to plan for where the money for those expenses will come from. Do you have the cash in savings for it? Will you start saving now (if so, how much)? By planning ahead you’ll reach the end of the year without feeling like you’ve been steamrolled by foreseeable expenses.

Look at your spending

Take a look back at your past 1-3 months of spending and analyze where your money went. One good way to do this is by downloading your transactions into a spreadsheet (look for a .CSV file), but you can also do it manually by printing out your bank statements and categorizing by hand.

Understanding your past expenses is the best way to predict future spending, especially for day-to-day transactions like groceries, dining out, and retail. You’ll also more easily be able to target specific areas of spending that you want to work on. 

Review your retirement contributions

If you have any goals around contributing to retirement, now is the time to see how you’re doing and make adjustments for the next few months. Start by finding out how much you have contributed so far. You can do this by checking out your online account. If you are contributing to a workplace retirement plan, you may also see your year-to-date contributions on your pay statement.

Keep in mind that both 401(k)s and individual retirement accounts (IRAs) have annual contribution limits: $20,500 for a 401(k) and $6,000 for an IRA. Trying to max out one of these accounts is a great goal, but if it’s unrealistic for you this year, pick a different target to strive for. 

Make a debt repayment plan

Let’s face it: looking at debt balances isn’t anyone’s favorite thing to do, but it is the first step in creating a debt repayment plan, so write down those balances on a sheet of paper or throw them into a spreadsheet. How much can you realistically expect to pay toward debt for the next three months? Calculate roughly how much your balances will be by the end of the year if you can make those payments and then track those balances month-over-month.

Ready to take your finances to the next level? 

To get started, schedule a free 20-minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and of course answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our Trainers on Demand.