Money Tips

Fall financial checkup

Group of mixed aged relatives sitting at dining table enjoying home cooked fall meal, talking and laughing.

As the year winds down and holidays approach, the last thing you probably want to think about are your finances. But fall is the perfect time to do a financial checkup—you’ll know how much you can spend over the holidays and feel more prepared as you head into the new year. Ready to tackle your finances? Keep reading for our tips on how to have a successful fall financial checkup.

1. Check in with yourself

Before you begin, take a second to check in with yourself—how are you feeling about this process? Have you had any major life changes since you last did a financial checkup? For many people, money is the source of a lot of anxiety. So much, in fact, that it consistently ranks among the top spots on the American Psychological Association’s annual “Stress in America” study. But periodically reviewing your finances is a good step to stay on top of everything and help mitigate your stress—and potentially avoid a financial mistake. Noting your feelings can help you identify any new stressors that you may need to address as you revisit your financial goals and budget in the next steps.

2. Revisit your goals

After checking in with yourself, the best place to start with your financial checkup is by reviewing any goals you previously set. If you didn’t set goals, it’s not too late, because your financial goals can—and should—change over time. For example, you may have been saving up for a summer vacation that’s come and gone. With short-term goals like these, it’s a good idea to compare how much you saved and how much you actually needed. If you have extra money, you can put that towards a new goal or roll it into your next vacation fund. If you overspent, examine the categories where you spent the most. From there, you can decide if you want to budget differently on your next trip or find ways to travel on a budget. For goals like emergency funds, you’ll want to review how much you’ve saved towards your goal to determine if you need to save more strategically to meet your goal or, if you’ve hit your savings goal, if you want to keep adding or move on towards another goal, like paying down student loan debt.

3. Review your budget

This is also a good time to check in on your budget and review your spending. While you may have hit that vacation savings goal, it’s possible you’re still overspending in other categories. But that doesn’t necessarily mean you have to cut back—a review of your spending could help you see that you’re wasting money on a monthly subscription you forgot about. Cutting unnecessary expenses lets you spend more money on what you actually want, all while staying in budget. You may also discover some seasonal trends to your spending. Are you hitting the farmers market in the spring and summer and then ordering in all winter long? No judgement! Take that extra grocery money and move it to your takeout budget. Remember, your budget isn’t meant to restrict you. Your budget is just a way to better understand your income and your spending so you can create a thoughtful plan for your money.

4. Adjust your plan

Now that you’ve reviewed your goals and your spending, it’s time to make your plan for moving forward. As you do, one of the most important reminders is to focus on your immediate issues or goals. A lot of financial anxiety comes from uncertainty, so instead of focusing on global issues out of your control, think about the financial challenges you’re facing in the moment. For some people, your financial plan may be the same as it was at the start of the year with a few minor adjustments to short-term goals, like saving for holiday spending instead of a vacation.

If you feel like you need a major overhaul though, start by listing out all of the things you want to accomplish, including any existing goals from earlier this year plus any new ones. Getting it all out can help you determine both long- and short-term strategies to accomplish your goals and make it obvious how you want to prioritize them. However, if it feels overwhelming to try this alone, you can also work with a financial professional for more guidance.

5. Treat yourself

Congratulations, you’ve completed your fall financial checkup! Celebrating these steps, along with milestones like hitting your goals, can help you stay on track while making your finances more fun and manageable. And most importantly, remember to keep going. It can be frustrating if you feel like you’re not hitting your goals fast enough. But progress and consistency are key, so don’t give up—and don’t forget to budget in your celebratory treats!

Key takeaways:

  1. Reviewing your finances periodically can help you reach your goals and alleviate stress.
  2. You can—and should—adjust your financial goals periodically.

We hope this checkup helps you feel more financially prepared this fall. Have you hit a savings goal this year? Share it in the comments!

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