6 Fall Financial Tips for Everyone

Cool weather, colorful leaves and carved pumpkins signal that autumn has finally arrived. For many people, fall is a moment to regroup after the fun chaos of summer, to make new goals and set them in motion. That can mean creating a financial plan, complete with a personal finance checklist. 

But fall can also be a time when our schedules crank into gear, leading to impulse buys and rash spending. A few financial planning strategies can help you stay on track.  

So, before the holiday hustle takes over, use these financial tips to plan ahead, revamp your personal finances and create a budget. You’ll thank yourself come January when you have lighter bills and a breezier year ahead. 

Your Personal Finance Checklist for the Fall 

You may have a lot of goals for your fall financial prep: handling end-of-year deadlines, getting through the holiday season debt-free, making smart back-to-school purchases or even taking some extra time off work. Autumn is the perfect time to reassess your financial situation. Check these tasks off your financial checklist now to make the coming months less stressful and more joyful. 

1. Get a Jump on the Holidays 

Often chock-full of gift buying, party hosting and travel, December can quickly wreck a budget. About 80 percent of holiday gift buyers put off shopping until after Thanksgiving — and that kind of procrastination can mean you’re stuck with higher prices for the holiday season.  

So, be smart about your shopping. Use early fall to shop for presents and to book holiday travel. Don’t forget that holiday shopping adds up quickly, so it’s easy to lose track of your spending. 

If you’re a paper person, keep track of receipts in one place — which also makes returns easy — and write down a running total of what you’ve spent. Watching that number grow will likely help you curb your spending. You’ll also avoid those last-minute scrambles that can leave you spending more than you intended and hurting your bottom line.  

And don’t forget that the holidays involve more than just gift buying. You may also be entertaining or bringing dishes to big celebrations. If you’re in charge of hosting family or friend gatherings, plan menus in advance or work with guests to organize a foolproof potluck. Keep an eye out for deals on ingredients that you might be able to purchase in advance and store or freeze, or a case of a favorite wine that you can bring to parties all season. 

2. Take Advantage of Deductibles or FSA Funds 

If you’ve met your health insurance deductible for the year, think about any doctor’s appointments, tests or procedures that you or any family members may need. Ask your insurance provider if those items are covered, and if so, schedule healthcare appointments before January to take full advantage of your benefits. Fill your prescriptions, too.  

Furthermore, if you opt into and fund a flexible spending account (FSA) through your employer, don’t lose out on that pre-tax income. Plan and execute how you want to spend any remaining funds before the end of the year — or the extension, if applicable. 

Your employer may offer a few months of an extension to use your balance or allow you to rollover $500 into the next year, so check with your HR office. Possibilities include new eyeglasses, dermatological needs, physical therapy needs, first-aid supplies, contraceptives and more. Don’t forget to submit the necessary claims to be reimbursed. 

3. Take an Inventory of Your Recurring Purchases 

It’s so easy and convenient to subscribe to services and goods. Before we know it, we’ve added 10 new subscriptions to our list of monthly expenses. Check your credit or debit cards for recurring charges and decide which items or services you really want and need. 

If you ditched cable TV but now use six streaming platforms, are you really saving? Did you sign up for a clothing subscription box or a food-prep delivery service? Decide whether those things are still worth the fee and fit your budget. 

Our smartphones, tablets and other devices can sometimes be the culprit for expanding expenses. Look for those recurring in-app buys that you may no longer require. 

4. Check in on Your Retirement Contributions 

Retirement may seem incredibly far away. But the earlier you save for retirement or diversify your investments, the better off you’ll be, because compounding interest will have time to grow your savings.  

As the year comes to a close, take a look at your 401(k) contribution and see if it makes sense to raise how much you put away from each paycheck — especially if you’ve gotten a raise recently. Similarly, if you have a traditional IRA or Roth IRA, decide if this year warrants a larger contribution to these tax-advantaged accounts. If so, either make it or set aside the cash to do so before tax time in the new year. Check with your financial advisor about your best plan of action. 

5. Use Vacation Time 

If you have leftover vacation time that doesn’t roll over into next year, make a plan to use it, even if you don’t head out of town. A staycation can be just as refreshing as a trip! Or you might use the time to finally tackle that house project.  

Independent contractors and small business owners should treat themselves to time off, too — it’s an opportunity to refocus on long-term financial goals. Doing so can help you return to work refreshed and ready for an even more productive year to come. 

6. Review Your Insurance Policies 

Fall is health insurance open enrollment season, and it’s also a good time to take stock of all your policies, including your estate plan to ensure you have ample protection in place. Get ahead of the holiday rush and schedule a SuperCheck^® to talk with Farm Bureau about your current insurance coverage — policies from any company are eligible. 

During the conversation, your agent will paint a picture of the role that insurance plays in your life today and tomorrow to help identify potential gaps and available discounts along the way.  

It’s Your Future. Let’s Protect It.^®

Your financial goals aren’t one size fits all. That’s why our approach is unique to you and designed to give you an advantage. For help with reaching your financial goals, contact Farm Bureau.