Almost Autumn: Checking In On Your Personal Finances

The turning of the seasons is usually a good time to check in on your personal finances. Are you on track to meet your financial goals? What’s the status of your accounts, your debts and your credit? Reassess your personal finances this autumn with our checklist of six to-do items:

1. Reflect on Your Financial Goals

Many people set financial goals at the beginning of the year—then lose track of them when real life gets in the way. If you haven’t yet done a mid-year reset, take some time in early autumn to recall your financial goals and reflect on your progress. Ask yourself if you’re on track with your savings, debt repayment, and investment targets. And if you can’t remember making any recent financial goals: start now! Depending on your current financial situation, goals may include opening a tax-advantaged IRA account, paying off a certain amount of debt, or saving up X dollars before X date.

2. Review and Adjust Your Budget

Setting a budget is important, but reassessing that budget at regular intervals is equally important. After all, a budget is no use if you can’t stick to it. Before autumn comes in earnest (and you’re tempted to sink your life savings into a daily pumpkin spice latte habit), spend an hour or two evaluating your recent spending patters to check if you need to make adjustments to your budget. Apps like YNAB and EveryDollar are excellent tools to help you track what you’re spending, so you have the necessary data to build a monthly budget that works for you.

3. Evaluate Your Savings and Investments

If you typically subscribe to the financial ethos of out of sight, out of mind, use your autumn budget reassessment as an opportunity to challenge those habits. Check all your savings and investment accounts, including emergency savings accounts you rarely look at. Regularly checking accounts is an important way to help avoid fraud and ensure you’re getting the best rates. If you’re not already using a high-yield savings account, check out some options from Harvard FCU. Particularly in today’s higher-interest rate environment, you could be getting a better rate of return on your savings and investments.

4. Address Any Challenges

Are you accruing credit card debt faster than expected? Do you find it difficult to make student loan payments on time? What big expenses are you expecting at the end of the year, and are you ready for them? It’s normal to experience financial challenges. The important thing is: don’t ignore them! This autumn, tackle your challenges head-on. Make a list of what financial issues are making you nervous, then check the Harvard FCU blog for advice on how to address these challenges. And, if you need additional help, schedule a free appointment with a GreenPath financial counselor.

5. Set New Financial Goals for the Upcoming Season

Set specific, short-term goals for autumn. Don’t aim the moon! Make your goals realistic and achievable, to get you in the habit of setting and meeting financial targets. Examples of new financial goals for the upcoming season might include: start a new savings account for upcoming holiday spending and fund it with X dollars per month; research loan consolidation options and consider bundling multiple payments into one monthly bill; or track your income and expenses for one month using a budgeting app.

6. Leverage Harvard FCU’s Resources

Doing a financial reassessment takes time, energy and knowledge—so wherever possible, find experts you can rely on to help. Harvard Federal Credit Union offers financial tools and resources that can help you develop your financial knowledge and stay on track with goals. THRIVE, Harvard FCU’s financial wellness program, offers free webinars, videos and worksheets on topics like debt repayment, credit scores, homebuying and much more. Members also get free access to the GreenPath Financial Wellness Program, including free debt counseling, a credit report review, housing counseling and more.