Fall Fiscal Fitness Tips to Try Out

As summer comes to an end, it’s 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 with fiscal fitness. Fiscal fitness isn’t talked about very often, but it’s all about balancing your income, expenses, savings, and investments. Fiscal fitness isn’t the same for each person and their unique situation, but it may involve paying down debt, building an emergency fund, planning for retirement, and creating/managing a budget.

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’ve spent too much on vacation or on summer daycare. Many of us notice our checking balance slip uncomfortably low in the warmer months. It’s a great time to work out your financial muscles with fiscal fitness. We’re not talking about working out on a budget. Fiscal fitness is all about managing your money so that you have what you need today and in the future. Fall is a great time for this exercise as life slows down a bit between summer and the winter holidays.

That's why we recommend you set aside some time to go through a fall financial checklist. From consolidating 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 Fiscal Fitness Routine

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. You can 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 Your Current Financial Situation

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 or in the past.

Apply For an Installment Loan

Check Your Credit Report

Did you miss a bill or were you late on any payments over the summer? 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. Check `n Go customers have access to the TransUnion CreditView Dashboard® inside of Pocket360, once they register for the service with TransUnion.

Conduct an Income Tax Trial Run

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? These are the types of questions you should consider. If you need a little tax help, we’ve put together some common tax questions and answers. Planning ahead will help you understand if you’ll be receiving a tax refund or not. 

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. There are a lot of opportunities to fit charity into the holidays, but you don’t have to wait until then. Charitable donations are tax-deductible and can be written off when itemizing your taxes. Be sure to save all your receipts. 

Think About Future Travel

With planning, you can find ways to travel on a budget. 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 school activities? This fall, consider how all of this will play into your finances. You may need a little extra help to get to where you want to go, so look into tourist-savvy vacation loans.

Prepare for Healthcare Open Enrollment

During fall, many employees are eligible for open enrollment for their health care plans. This can be a very time-consuming process, whether you enroll in health insurance with an employer, on your own, or if you’re enrolling in Medicare. You'll want to weigh all your options and make sure you choose 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 because they expire by the end of the year.

Find Opportunities for Financial Cutbacks

You may think you have been sticking to your budget, but you still seem to come up short every month. Take this time to go through your expenses and see if there's anywhere you're spending money unnecessarily, like daily to-go smoothies or a gym membership you never use. You don’t have to completely cut out the things that make you happy. With proper budgeting, you could be eating out on a budget or eating healthy on a budget at home.

Cutting back a little here and there can really add up and setting a budget is the key to successful fiscal fitness.

If you could use some financial help while getting your fall finances in order, we’re here for you. Check `n Go has the money you need, potentially even for those with bad credit. Apply online or search for a location near you.