She Strengthens

Fall Financial Planning: Set Yourself Up for Success

As the seasons change, it’s essential to shift your focus to your financial well-being. By taking control of your finances now, you’ll be better prepared for the new year and can avoid common pitfalls that can lead to stress and overspending.

Track Your Spending

Ever wondered where your money goes? Reviewing your debit and credit card transactions can provide valuable insights into your spending habits. Identify areas where you can cut back and make adjustments to free up more money in your budget. Start by tackling low-hanging fruit, such as recurring charges, and work your way up.

Set a Holiday Budget

Avoid starting the new year with a hefty credit card bill by setting a holiday spending limit and saving for it now. By setting aside a fixed amount each week, you can build up your funds and stick to your budget. This will help you resist the pressure to overspend during the holiday season.

Winterize Your Home

If you’re a homeowner, take proactive steps to prepare your home for winter. Address any maintenance issues, such as cleaning gutters, inspecting AC units and furnaces, and checking your roof and drainage systems. This will help prevent costly repairs down the line.

Get Ahead of Taxes

Don’t wait until April to think about taxes. Do a mock tax return to see where you stand and make any necessary adjustments. Pay particular attention to your W-4 withholdings and 401(k) contributions. Maximizing your retirement account contributions can help reduce your taxable income and even lead to a larger refund.

Maximize Your Deductions

While recent tax law changes have reduced the number of available deductions, there are still opportunities to save. Take advantage of deductions like mortgage interest, student loan interest, and charitable donations to minimize your tax liability.

Prioritize Your Health

With health insurance deductibles and out-of-pocket maximums resetting in the new year, make sure to schedule any necessary exams or tests. Additionally, use up funds allocated to your Flexible Spending Account (FSA) to avoid losing them.

Consider Life Insurance

If your loved ones rely on your income, consider investing in life insurance. Putting off coverage can lead to higher premiums and increased costs as you age.

Monitor Your Credit

Get into the habit of checking your credit score and report annually. This will help you identify any errors or areas for improvement, allowing you to make informed decisions about big purchases.

Plan Your Resolutions

Why wait until January to set your financial goals? Start thinking about what you want to achieve in the new year and create a plan to get there. This will help you stay focused and motivated, setting you up for success in 2019.