3 Key Money Moves for Fall
As we bid farewell to summer and usher in the cozy vibes of fall, it's the perfect time to reflect on our financial goals and ensure we're making smart money moves. Here's how:
Revisit your core values: With Halloween parties, Thanksgiving feasts, Black Friday deals, holiday parties, travel, and gift-giving looming on the horizon, it's easy to get caught up in the frenzy. To prevent overspending, take a moment to reassess your core values. What truly matters to you? Are your financial decisions aligned with these values? By staying true to your values, you can make choices that are not only financially responsible but also feel good.
Create a list of your top three to five core values. Whether it's adventure, balance, connection, family, growth, responsibility, or service, your values should guide your financial decisions this season (and beyond).
Create your student loan repayment plan: If you have federal student loans, it's crucial to prepare for the resumption of student loan payments on October 1. Begin by confirming your monthly payment amount with your loan servicer. If you're struggling with high payments, explore options like income-driven repayment plans, automatic payments, loan refinancing, or loan consolidation to make your student loan debt more manageable.
While it's essential to tackle your student loan debt, remember not to put every penny toward it. It’s important to balance your financial goals so you can enjoy life while still making progress on your student loans. This is the case when paying off any debt you may have.
If you can't afford your loan payments on October 1, utilize options like the "grace period" to temporarily avoid the worst consequences but since interest will continue to accrue during this time, use this option only if absolutely necessary.
Save for holiday expenses in a sinking fund: The holiday season can bring lots of expenses, from travel costs to gift-giving extravaganzas, entertaining costs, and new holiday outfits. Instead of scrambling to cover these costs, consider setting up a sinking fund this month. A sinking fund is nothing more than a savings account for anticipated future expenses. Having money set aside will give you some peace of mind when it's time to make those holiday purchases and you won’t be stuck pulling out your credit card and consequently starting the new year with a pile of debt.
Start by making a list of all your anticipated holiday expenses. Then, determine how much you need to set aside each month (or week) to cover these costs comfortably. If you’re self-employed, look at how many clients or projects you have on the horizon and determine whether you need to step up your sales efforts.
Don't forget to include less obvious expenses that contribute to your well-being during this potentially stressful season like a much-needed massage. Holidays can bring extra stress, so it’s important to balance your activities with self-care. Automate the transfers to your sinking fund to make it as easy as possible to save, and so that the money doesn’t inadvertently get spent on other things.
Fall is a time of transition, and with the right money moves, you can navigate it successfully. Reconnect with your core values, tackle student loan repayment strategically, and plan ahead for holiday expenses. Don’t forget to take some time as well to indulge in a little splurge for yourself, no matter how small. By staying mindful of your financial goals and values, you can savor both the season and your financial well-being at the same time and turn it into a joyful time - on your terms.
If you need personalized guidance for your financial journey, consider booking a free call to start making progress right away. Happy fall, and happy finances! 🍂💰