Oct 19, 2023

Fall Financial Checkup: Tips to Ensure You're on Track for the End of the Year

A laptop screen shows a spending wheel, breaking down costs.
Ah, fall! The season of pumpkin spice, cozy sweaters, and... financial checkups? That's right! As the leaves change color and the year winds down, it's an ideal time to evaluate your finances and prepare for the year ahead. Just as you'd prep your home for the colder months, it's essential to ensure your finances are in tip-top shape.

Here are some steps to conduct your fall financial checkup:

Review Your Budget

Begin by revisiting your budget. Compare your actual spending against your planned budget over the past months. Are you overspending in certain areas? Have unforeseen expenses popped up? Adjust your budget accordingly and identify any habits you can change to stay on track.

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Evaluate  Your Savings

Check on your savings accounts:

  • Emergency Fund: Ensure you have 3-6 months of living expenses saved up. If not, consider adjusting your monthly contributions.
  • Short-term Goals: Are you saving for a holiday trip or a new gadget? See if you're on track to meet these objectives.
  • Long-term Goals: For retirement, college funds, or a home purchase, analyze your progress. Consider speaking with a financial advisor to refine your strategy.
  • Automate Savings: Set automatic transfers to your savings accounts right after payday. This "paying yourself first" strategy works wonders.

  • Diversify: Consider diversifying between high-yield savings accounts, certificate accounts (CDs), and other financial tools for better growth.

Assess Your Debts

List out all your current debts, including credit cards, mortgages, and loans. Prioritize repayment based on interest rates or employ strategies like the snowball method (paying off small debts first). Consider consolidating or refinancing debts if it could reduce your interest rates or monthly payments.

Examine Your Credit Report

Request a free annual credit report from major credit bureaus. Review it for any discrepancies or signs of identity theft. An improved credit score could also mean better rates on loans or credit cards, so it's worth ensuring everything is accurate.

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Prepare for Year-End Tax Moves

While tax season might seem far off, fall is an excellent time to start planning:

  • Document Organization: Start gathering and organizing tax-relevant documents now. Digital tools or apps can assist in tracking and categorizing expenses.
  • Max Out Retirement Contributions: Ensure you're contributing enough to your 401(k) or IRA to get any employer matches or tax deductions.
  • Charitable Donations: Donations can offer tax breaks, so consider contributing to your favorite causes before year-end.
  • Sell Underperforming Investments: You might be able to offset capital gains with losses.

  • Seek Tax Advantages: Understand and utilize tax-advantaged accounts like HSAs or FSAs.

Rebalance Your Investment Portfolio

The market's shifts might've caused your asset allocation to skew from your original plan. Fall is a good time to assess and rebalance your portfolio to ensure it aligns with your risk tolerance and goals.

Plan for the Holidays

With the festive season approaching, set a holiday budget now. Consider gifts, travel, and festivities. Start saving early to avoid the January credit card blues.

  • DIY Gifts: Consider handmade gifts or experiences, which can be more meaningful and cost-effective.

  • Early Shopping: Take advantage of sales throughout the year, reducing last-minute spending splurges.

Update Personal Information

Have you moved? Changed jobs or marital status? Ensure your bank, creditors, and other financial institutions have your current details. Update beneficiaries on insurance policies or retirement accounts if needed.

  • Insurance Needs: A new family member, new home, or new job can alter your insurance needs. Review policies to ensure adequate coverage.

  • Estate Planning: It's never too early to think about wills or trusts, ensuring your loved ones are taken care of.

Protect Yourself

Update passwords, ensure your antivirus software is current, and be wary of unsolicited communications requesting personal details.

  • Two-Factor Authentication: Enable this on financial accounts. It adds an extra layer of security beyond just a password.

  • Stay Updated: Ensure your devices have the latest security patches and updates.

Seek Professional Insight

Consider setting up a meeting with a financial advisor or your credit union's financial counselor. They can offer personalized advice, from investment strategies to debt repayment plans.

  • Annual Financial Advisor Meetings: Regularly consult with professionals. They can offer fresh perspectives and new strategies tailored to your needs.
  • Educate Yourself: Attend webinars, read books, or take online courses like Hughes’ free online personal finance training, MoneyCoach. Continuous learning empowers better financial decisions.
As the year's end approaches, a fall financial checkup ensures you're on track, preventing any unpleasant surprises. It's about reflection, adjustment, and preparation. So, as you sip your pumpkin spice latte and watch the leaves fall, remember, a bit of financial housekeeping now can lead to a more relaxed and rewarding year-end.

Disclaimer:
This information is simply meant to be a starting point. Please consult with a trained, licensed specialist who can give guidance suited to your specific situation. This page or any related materials should not be interpreted as financial or legal advice. Additionally, while we have made good faith attempts to verify that the information supplied was true at the time the content was generated, we cannot guarantee that it is still correct today.