Don’t wait until 2024 to make your financial resolutions—start now!

Image by Stephanie Pratt from Pixabay

As we sip our pumpkin spice lattes and watch the leaves change colors, it’s hard to ignore the looming holiday season and new year that’s upon us. While it’s easy to get lost in the season of cozy sweaters and apple-picking, fall is also a great time to take control of your finances and set some financial resolutions. By taking some time to get your finances in order before the holidays, you can enter the New Year feeling comfortable with your financial position. So, don’t wait until the New Year is already here to start making resolutions—grab your favorite blanket, settle into your comfiest chair, and let’s talk about how you can turn a new leaf when it comes to your finances this fall. 

1. Fall Into Financial Reflection

Before you dive into setting financial resolutions, you need to first take inventory of your financial situation and where you stand. Reviewing your finances ensures you can set realistic, achievable goals for yourself. Here’s what you can do to get a better idea of where you stand financially:

• Review your spending – It’s hard to know how to change your habits if you don’t understand your habits in the first place. Take some time to review your bank and credit card statements to track your spending. Note any areas where you might need to cut back on spending. 
• Review your current goals – Have some goals set for yourself already? Now is the perfect time to do a check-in. Have you made progress? Do you have any goals that might need to be adjusted? Take inventory of your goals and how close you are to accomplishing them. 
• Assess your debt – We would all love to be debt-free, but that isn’t always an option for most of us! If you have any outstanding debt, now is the time to do a little check-in to see where you stand on your repayments. Make sure you factor in your debt when coming up with your fall financial resolutions. 

2. Cozy Up To Your Budget

After reflecting on your financial situation, it’s time to cozy up to an updated budget. A well-crafted budget can act as your financial security blanket, keeping you warm and comfortable even during uncertain times. Here are a few ways you can work to adjust your budget this fall:

• Update or create a budget – If you don’t have a budget yet, now is the time to create one. If you do have a budget, review and update it to reflect your current financial situation, your goals, and your priorities. 
• Factor in fall expenses – Though the back-to-school season has come and gone, there are other fall expenses that you need to factor into your budget. Think about Halloween costumes, Thanksgiving shopping, and the ramp-up to the rest of the holiday season. Make sure your budget accommodates these costs when you adjust it.
• Embrace seasonal savings – There are plenty of ways to save on fall-related expenses—all you have to do is look! Consider DIY-ing your Halloween costumes or plan a budget-friendly Thanksgiving feast.

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3. Mind Your Savings

Before we get too wrapped up in the holiday season, it’s important to remember your family’s savings, too. Don’t get too far ahead of yourself this year with gifts and forget to continue to contribute to your family’s savings and emergency funds. 

Here are some savings and financial emergency preparedness tips to keep in mind this fall:

• Bulk up your emergency fund – Your emergency savings are set aside so that if your family ever falls into financial hardship because of an emergency, you have what you need to continue to care for your family. Experts recommend you have between 3-6 months’ worth of living expenses set aside for emergencies. Create a separate account to hold your emergency fund and continue to regularly contribute to the account. 
• Review your retirement accounts – You don’t have to have everything saved away for retirement just yet of course. But, the earlier you save, the better off you will be when you retire. Look over all of your accounts, whether those are 401(k)s or IRAs, and see how much you’ve saved so far. Consider how much you contribute and see if you have any wiggle room in your budget to contribute more.
• Consider a life insurance policy – If your savings aren’t quite where you want them to be, you might consider investing in a life insurance policy. While life insurance policies are a bit different from traditional savings accounts, both can provide your family with some financial security should you pass away. Nowadays, you can get an affordable policy online without all the hassle. Apply for an instant policy, which requires no medical exam, online and you can be approved for an active life insurance policy in no time. With an active policy in place, you can rest easy knowing your family has a financial backup plan. 
• Use your investments wisely – Investing is one of the best ways to make the most of your money. If you haven’t started investing yet, now is the time to start. Consider consulting with a financial advisor to explore your investment options that align with your financial goals. 

4. Teach Your Little Acorns About Money

As moms, we have a unique opportunity to pass on valuable financial lessons to our kids. With a bit more normalcy in your life now that the kids are back in school, you can take some time to teach them about money. Here are some ideas to get you started:

• Get them involved – Include your kids in your discussions about the family budget, especially as the holiday season approaches. 
• Start a savings challenge – Encourage your children to start saving for something they want, like a special toy or a fall-themed outing. Turn it into a competition to make it a little more fun. 
• Set a good example – Show your kids the importance of responsible money management by setting a good example. Let them see you making wise financial choices and lead by example. 

As you watch the leaves fall and the season change, embrace the fall season with renewed enthusiasm for your finances. Turning over a new leaf in your financial life brings a sense of coziness and security to your future. 

Image by Oleksandr Pidvalnyi from Pixabay