Between back-to-school shopping, holiday shopping, travel, family gatherings, increased utility bills, and end-of-year expenses, the last few months of the year can put extra pressure on your budget. The good news is that you still have time to prepare.
You don’t need to completely overhaul your finances to make a difference. A few intentional changes now can help you finish the year on stronger financial footing and avoid starting the new year with additional debt.
Here are seven money moves to make this fall.
1. Take A Fresh Look At Your Budget
Your budget may have looked very different at the beginning of the year than it does today.
Expenses change. Bills increase. Subscriptions get added. Family schedules change. And sometimes spending habits gradually creep upward without us noticing.
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September is a good time to review your current budget and compare it with your actual spending.
Look at:
- Housing and utility costs
- Groceries and household expenses
- Transportation
- Insurance
- Entertainment
- Subscriptions and memberships
- Credit card payments
- Dining out and takeout
- Savings contributions
- Other recurring expenses
Ask yourself one simple question: Is my current budget realistic?
If your budget no longer reflects your actual financial situation, update it rather than trying to force yourself to follow an outdated plan.
2. Find Expenses You Can Cut Or Reduce
A financial reset doesn’t necessarily mean giving up everything you enjoy. Instead, look for expenses that aren’t providing enough value for the money you’re spending.
Review your bank and credit card statements for recurring charges you may have forgotten about.
You might find:
- Streaming services you rarely use
- Apps with monthly subscriptions
- Memberships you no longer need
- Frequent restaurant or delivery purchases
- Convenience fees
- Online shopping purchases
- Services you could negotiate or replace with a less expensive option
Even eliminating a few unnecessary expenses can free up money that can be redirected toward debt payments or savings.
3. Make A Plan For Holiday Spending Now
It may seem early to think about the holidays, but the end of August is one of the best times to start planning.
Waiting until November or December can make holiday expenses feel overwhelming, especially if you rely on credit cards to cover the difference between what you want to spend and what you can actually afford.
Start by creating a holiday spending plan. Make a list of the people you expect to buy gifts for and set a reasonable spending limit for each person. Don’t forget other expenses such as food, travel, decorations, charitable giving and holiday activities.
Then look at how much you have available to save between now and the holidays. Starting early means you can spread the expense across several months instead of trying to pay for everything at once.
4. Check Your Credit Card Balances
If you’ve been using credit cards throughout the year, Autumn is a good time to take stock of where you stand.
List each credit card, including:
- Current balance
- Interest rate
- Minimum payment
- Credit limit
Seeing everything together can give you a clearer picture of your overall debt.
Pay particular attention to high-interest credit card debt. If you’re only making minimum payments, it can take a long time to pay off a balance, and interest charges can significantly increase the total amount you repay.
If your debt feels difficult to manage, consider talking with a nonprofit credit counseling agency about your options.
5. Give Your Emergency Fund Some Attention
Unexpected expenses don’t take a season off.
A car repair, medical bill, home repair or other emergency can quickly turn into additional credit card debt when there isn’t money set aside to cover it.
If you already have an emergency fund, check your progress. If you’ve had to use some of your savings during the year, consider rebuilding it.
If you don’t have an emergency fund yet, don’t let the idea of saving several months’ worth of expenses discourage you.
Start small. Even setting aside a modest amount from each paycheck can help you establish the habit of saving. As your financial situation improves, you can gradually increase your contributions.
6. Look Ahead To Your End-of-Year Expenses
Holiday gifts aren’t the only expenses that can sneak up on you during the final months of the year.
Take a look at your calendar and identify expenses you know are coming.
These might include:
- Property taxes
- Insurance premiums
- Annual memberships
- School or extracurricular expenses
- Holiday travel
- Winter clothing
- Home maintenance
- Vehicle maintenance
- Medical or dental expenses
- End-of-year charitable donations
If you know an expense is coming, start planning for it now.
A simple list of upcoming expenses can help prevent financial surprises later.
7. Set One Financial Goal For The Rest Of The Year
You don’t need to accomplish every financial goal at once.
Instead, choose one specific goal to focus on between now and the end of the year.
For example:
“I will pay an extra $50 toward my credit card each month.”
“I will save $500 before December 31.”
“I will stop using my credit card for everyday purchases.”
“I will create a holiday budget and stick to it.”
A specific goal is easier to track than a general goal such as “save more money” or “spend less.”
Once you’ve chosen your goal, break it down into smaller steps and monitor your progress throughout the fall.
What If Your Finances Are Already Overwhelming?
A financial reset can be helpful even when your finances aren’t in crisis. But if you’re already struggling with debt, simply cutting a few expenses may not be enough.
If you’re dealing with multiple credit card balances, high interest rates, missed payments or payments that are becoming difficult to afford, consider seeking professional guidance.
A nonprofit credit counseling agency can help you review your financial situation and understand the options that may be available to you.
Depending on your circumstances, those options could include a personalized budget, educational resources or a Debt Management Program (DMP).
The important thing is to ask for help before the situation becomes even more difficult.
Start Your Financial Reset This Fall
You don’t have to wait until January to make financial resolutions. Autumn gives you a valuable opportunity to take a step back, review your finances, and make adjustments before the holidays arrive.
Start with one small change. Review your budget. Cancel an unused subscription. Make a holiday savings plan. Pay a little extra toward your debt. Build your emergency fund.
Small steps can add up, and when you take action before financial problems become overwhelming, you’re giving yourself a better chance of ending the year with less stress and entering the new year with a stronger financial foundation.
Need help getting your finances back on track? Advantage Credit Counseling Service offers nonprofit credit counseling to help consumers understand their options and develop a plan for managing their debt. You don’t have to navigate financial challenges alone. We’ve been helping individuals since 1968!
