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Elevate CUSep 19, 2023 7:00:00 AM2 min read

Fall Finance Tips

Fall Finance Tips

As the leaves start to change colors and the air gets crisper, fall is certainly in the air. While you're sipping your pumpkin spice latte and enjoying the cozy vibes, don't forget about your finances. Fall is the perfect time to take a closer look at your money matters and make some smart financial moves. Here are some fall finance tips to help you stay on track.

Cook with seasonal produce

Fall brings a bounty of delicious, seasonal produce, such as apples, pumpkins, and squash. Cooking with these ingredients can help you feel the season's spirit and eat well while saving on your grocery bills.

Review your budget and expenses

Curl up on the couch and take some time to review your budget, income, and expenses. Where is your money going? Do you need to adjust your budget to make room for certain things or cut back on others? Fall can bring different spending patterns with holidays and back-to-school costs, so it's a good idea to adjust your budget accordingly.

Plan for holiday expenses

As the year winds down, it's a good time to consider year-end expenses. These include holiday gifts, travel plans, and any tax-related actions you need to take. Planning ahead can help you avoid extra stress in December.

Check on your credit

Take a moment to check your credit report. You can access your credit score for free without any penalties through our partner, SavvyMoney! You can find it in your mobile banking app. Reviewing your credit for errors or discrepancies can help you maintain good credit.

Get ready for open enrollment

Fall often means open enrollment for employee benefits. Review your health insurance, retirement plan, and other benefits to ensure you're taking advantage of what your employer offers.

Blowing leaves in fall

 

Winterize your home

Before the winter frost sets in, take a moment to seal cracks and gaps in your home. It's like bundling up in a warm scarf for your home. Proper insulation can help keep the cold out and keep your heating and energy bills low.

Save for emergencies

Fall storms and unexpected expenses can happen. Make sure you have an emergency fund to cover unexpected costs. If you don't have one, consider setting up small automatic transfers to build your savings.

Prepare for tax season

It's never too early to start preparing for tax season. Organize your financial documents, such as receipts and records of deductible expenses. If you have one, it's a good idea to check how much money is left in your FSA account. Consider making any year-end contributions to retirement accounts.

Declutter and sell

Everyone always emphasizes spring cleaning, but fall is also a great time to declutter your home. Consider selling items you no longer need online or through a garage sale. The extra cash can boost your savings or help you pay down debt.

Fall is a season of change, which also applies to your finances. Following these fall finance tips ensures your financial house is in order and prepared for the upcoming winter months. Take advantage of the cozy atmosphere and the extra time spent indoors to realign your financial well-being. Here at Elevate Credit Union, we're glad to support you every step of the way. Happy fall!

If you enjoyed this article, check out the rest of our MoneySmart Tips blog.