Improve Your Finances in the Fall

As the year winds down, now is the perfect time to reflect on how the year was for you financially and what you should take care of before the calendar rolls on to a new year.

With the end of the year comes an uptick in spending for many people. Travel expenses, gifts, food, and entertaining can all add up quickly. Take advantage of sales, compare prices, and book any holiday travel as early as you can. Be sure you read up on cancellation policies and restrictions should last minute changes to your plans come up.

Before your schedule gets too hectic, devote some time to take care of any financial to-do’s you have on your list that need to be taken care of. Take a look at your emergency fund and add to it if needed, look at your retirement contributions, your FSA funds, and requesting a credit report can all give you a good look at how things are going.

Most people spend at least some time towards the end of the year thinking on how the year went, their habits, and what could have been done differently. The same should be done with your finances. Did you follow a budget, or is that something you want to devote more time and energy to? Did you reach your savings goals, or did bumps along the way cause you to go off track? Maybe you overspent on impulse purchases, or maybe you accomplished your goals, saved more than you thought you would, or paid off a debt.

Now is the perfect time to look ahead to the future as well and set your goals for the next year. While you cannot anticipate everything that could happen, having long and short-term goals in place ahead of time can help alleviate some of the stress that occurs when a situation arises. Are there any big goals you’d like to reach in the next year? Perhaps you’d like to pay off a credit card, take a trip, or explore the idea of purchasing a home. If you need some help getting started, consider speaking to a financial advisor who can help you think through what you’d like to achieve and how to get there.