Fall Financial Checkup: Preparing Your Finances for the End of the Year

As leaves turn and the air grows crisp, fall marks a perfect time for a financial checkup. This season of transition is ideal for reassessing your financial health and preparing for the year's end. We're committed to helping you secure your financial well-being. Here are some practical tips for conducting a thorough fall financial review.

1. Review Your Budget. The first step in any financial checkup is to revisit your budget. Compare your actual spending against your planned budget for the year. Have your expenses increased? Are there categories where you consistently overspend? Adjust your budget accordingly to ensure it reflects your current financial situation and goals.
2. Assess Your Savings. Evaluate your savings goals. Whether it’s for an emergency fund, a down payment on a home, or future vacations, check if you are on track to meet these goals by year-end. If you’re behind, consider adjusting your monthly contributions.
3. Check Your Credit Score. Your credit score is a crucial aspect of your financial health. Fall is a good time to check your credit report for any inaccuracies or fraudulent activities. Remember, you can request a free credit report annually from each of the three major credit bureaus as part of federal law. 
4. Plan for Tax Season. Begin gathering and organizing your tax documents before the year ends. Consider any deductions or credits you might claim, and think about how any changes in your income might affect your tax return. If necessary, adjust your withholdings to avoid a large bill or maximize your return.
5. Evaluate Your Debt. Take a close look at any debts you have, including credit cards, loans, or mortgages. Consider the interest rates you’re paying and prioritize paying off high-interest debts. If you’re looking for a way to consolidate and manage debt payments, we have options like personal loans and our fixed-rate Classic Visa®.
6. Review Your Insurance Coverage. Life changes, such as a new home, a new family member, or a new job, can affect your insurance needs. Review your policies to ensure they provide adequate coverage. This includes health, life, auto, and homeowners insurance.
7. Set Year-End Financial Goals. Identify what you want to accomplish financially by the end of the year. Setting clear, achievable goals can motivate you to finish the year strong, whether it's boosting your savings, reducing debt, or contributing to retirement accounts.
8. Prepare for Upcoming Expenses. The end of the year often brings additional expenses such as holiday gifts, travel, and festivities. Plan for these expenses by setting aside funds now, so they don’t disrupt your financial stability.
9. Stay Informed. Stay updated with any changes in financial laws or policies that might affect your finances. Being proactive can help you make informed decisions and take advantage of any new opportunities.

A fall financial checkup is an excellent way to take control of your finances and prepare for the future, and we’re here to support you every step of the way!