Many people love all things Fall. Cooler breezes, pumpkin-flavored everything and the holidays! It’s also the perfect time to take stock of your spending now that summer’s over and before the holiday rush to see where you stand. A small investment of time now can help you stay on track to achieve your goals for 2021 and impact your financial wellness for years to come.

Here are a few quick tips to help you take stock of your Fall Financial Fitness!

1. Revisit Your Budget

It’s been said that planning is bringing the future into the present so you can do something about it now, and that’s especially true when it comes to your end-of-year finances. Take some time to review your monthly budget. Are you sticking to your budget for every category? Are you overspending in some categories or under-spending in others? Do you need to adjust your budget in some areas or maybe trim your discretionary spending across the board?

Review your spending over the last few months and make any necessary changes so you can stay on track. Be sure to account for any significant life changes that may alter your financial needs, such as a marriage, the birth of a child, a divorce, or a job change.

2. Review Tax Withholding and Work Benefits

Company benefits often begin on January 1, so pay close attention to open enrollment dates and review your insurance options. Consider benefits like a flexible savings account (FSA), a health savings account (HSA), and a 401(k) (especially if your company offers matching) to determine what would best suit you and your family. If you have an existing FSA, make sure to use your money if there’s an end-of-year deadline!

It’s also a good time to review your tax withholdings to see if you need to adjust. The goal is to pay the perfect amount, so you’re not hit with a huge tax bill at the end of the year but also not lending the government your money interest-free!

3. Check Your Credit Report

Before the busy holidays, visit AnnualCreditReport.com for your free credit report from any of the three major credit bureaus: Experian, TransUnion, and Equifax. Check your report for any errors that you need to dispute. Is there a bill that you’ve been neglecting that is dragging your score down? Set up auto payments or make adjustments to maintain or improve your score.

4. Review Your Investments

Things change all the time in the finance world, especially taxes and laws, and these tend to go into effect in the new year. If you’re looking ahead with your other investments, such as your stock portfolio or loans, be aware of what’s happening in the market. What is your best course of action? Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan, making adjustments as necessary. Touch base with your financial advisor, who can steer you on the path that’s right for you.

5. Tackle Your Debt

What bill can you knock off your list before the end of the year? Maybe it’s the one with the highest interest rate or the one with the smallest balance but pick one to tackle. See if you can trim your budget or boost your income in any way to increase your payments on this debt. Once you’ve paid that off, move on to the next one so you are on your way to a debt-free, stress-free life!

6. Prepare for the Holidays

Now’s the perfect time to start thinking about holiday shopping. Make a list, check it twice, and over the next several weeks, prepare for what you want to buy—and what you want to pay for it. Search online for the best deals and spread out your expenses when you find the right deals. Get ahead for next year by setting up a Christmas Club account at Members Trust.

7. Review your Financial Goals

What are your dreams for the future? Are you saving for a down payment on a home? Are you building an education nest egg for upcoming college expenses? Are you trying to retire early? Take time to review your goals to see if you are taking steps to make them happen. With a solid plan and dedication, you can do it! Contact us to see how we can help you reach your goals.

Now that you’ve given yourself a Fall Financial Fitness check, you can kick back and enjoy your pumpkin spiced latte and the glory of the fall season – guilt-free. Happy fall y’all!