8 Ways to Prepare Your Finances for Fall

Unfortunately, the summer is once again coming to an end. Time to pack up the swimsuits and put away the sunblock, pick the last tomatoes from the garden and get into the groove of the school year. But wait — before you get out your boots and sweaters and get in line for that pumpkin spice latte, there's one thing you should do to set yourself up for success: Assess your fall finances. 

Although it's best to keep track of your finances and budget year-round, keeping a close eye on your money can easily get away from you during the summer. Whether you spent too much on vacation or on summer daycare, many of us notice our checking balance slip uncomfortably low in the warmer months. 

That's why we recommend you set aside some time to go through a fall financial checklist. From consolidating summer debt to doing a tax trial run and everything in between, assessing your spending habits before you get too deep into autumn can get your finances back on track. 

8 Items to Add to Your Fall Financial Checkup 

Check in on your budget.

Did you create a budget at the beginning of the year, but then stop following it when the summer months hit? Now's a great time to revisit that budget. See how you fared with your finances during the warmer months and redo it if your needs have changed, or adjust your spending habits to fit your budget. Be sure to create a flow for your finances you can stick to through the end of the year.

Get a handle on any summer debt.

If vacations, daycare, or spending too much on entertainment took a toll on your bank account and caused you to use credit cards or take out loans, now is the time to consolidate that debt and get your bills to a manageable amount. One way to pay off smaller debts and get them into one monthly payment is to apply for an installment loan. Installment loans are a kind of loan that allows you to pay it back over time. These may also help to rebuild credit if your credit took a hit over the summer. 

Check your credit report.

Did you miss a bill or were you late on any payments over the summer? Or, did you travel and use your credit cards at a number of new places? Now is a good time to check your credit report. It's free to check your credit report every 12 months from all three credit reporting companies. Take a good look at your information and make sure to check for fraud or identity theft too, and take the necessary steps to freeze your credit if you suspect any fraud or theft. Be sure to dispute any charges and take steps to improve your credit score, if needed. 

Do a trial run with your taxes.

It's a good idea to see where you stand halfway through the year, tax-wise. What taxes have you paid? Can you estimate what you'll owe come April? Should you change your withholdings? Should you contribute more to your retirement funds? Now's the time to act. 

Give to charity.

Speaking of taxes, if you want to add more deductibles to your taxes in the spring, consider giving some money to charities. These types of donations are tax-deductible and can be written off when itemizing your taxes. Be sure to save all your receipts. 

Think about future travel.

Are you planning on spending the winter somewhere warm? How will that affect your finances? Do you want to visit family over the holidays or do you have a child who travels for sports? Consider how all of this will play into your finances this fall. 

Get ready for open enrollment for your health care plan.

Every fall, employees are eligible for open enrollment in their health care plans. This can be a very time-consuming process, whether you enroll in health insurance with an employer or for yourself, or if you are enrolling in Medicare. You'll want to weigh all your options and make sure you chose the right amount of coverage for you and/or your family — one that fits into your budget. Also be sure to spend any accumulated health spending account funds as many times these expire by the end of the year.

See if there's anywhere you can cut back.

You may think you have been sticking to your budget, but you still seem to come up short every month. What gives? Take this time to go through your expenses and see if there's anywhere you're spending money unnecessarily, like daily to-go coffees or a gym membership you never use. Cutting back a little here and there can really add up! 

If you could use some financial help while getting your fall finances in order, we are here to help. Check `n Go has the money you need, even for those with bad credit. Apply online or in-store today!