End-of-Summer Financial Reset: 5 Smart Money Moves to Make Before Fall

Summer is a time for relaxing, exploring, and making the most of the sunniest season. Unfortunately, the easygoing days of summer are also a time when spending can get a little out of control. If you’re in need of an end-of-summer financial reset, here are five smart money moves to make before fall.  

1) Set Goals for the Season  

Money management is more fun when you’re working toward a goal. Your aim for this fall might be to pay off credit card debt, save a certain sum per month, or open an Individual Retirement Account (IRA). To make the goal-setting process easier and more enjoyable, do it with friends and family. Chat as a group about possible goals, then decide individually which goal makes the most sense for you and your financial situation. Finally: write it down! Committing your fall financial goal to paper, then displaying it in a visible place, will offer more motivation to reach your target.  

2) Prepare a Spending Plan 

The move from summer to fall can trigger a number of new expenses: from back-to-school shopping, to higher heating bills, to the looming cost of the winter holidays. Get prepared by making a budget ahead of time. If you can, check last fall’s spending to help you estimate what expenses could look like this year—keeping in mind that thanks to recent economic headwinds, goods and services might cost more. As always, you can find tons of budgeting tips and tricks on the Harvard FCU blog.  

3) Get Serious About Paying Off Debt  

Household debt hit an all-time high this year, with around 45 percent of American families carrying a credit card balance. While there’s nothing wrong with using credit smartly, high-interest debt can quickly overwhelm your financial health—hurting your credit score, preventing you from accessing the best financial products, and increasing over and over the longer your debt remains unpaid. This fall, speak with a debt counselor and develop a debt management plan. Harvard FCU members get free access to the GreenPath Financial Wellness program, which includes free debt counseling.  

4) Plan Ahead for the Holidays  

The best way to spend less is to plan ahead! Avoid last-minute shopping sprees and high holiday prices by getting a head start on your holiday purchases right now. You can shop for gifts and decorations at the summer sales; put money in a high-yield savings account so you have more to spend in November and December; or book early-bird plane tickets and hotel fare if you’re looking to spend the holidays away from home. Whatever your plans, make a list of expenses now to prevent overspending (and stress) later on in the year.  

5) Review Your Retirement Strategy  

With all the hubbub of summer ending, it can be easy to forget about longer term financial goals, such as retirement and estate planning. As part of your fall financial re-set, take a look at your retirement strategy. Do you have an IRA or a Roth IRA, and have you funded that account with the maximum yearly contribution? Does your employer offer any kind of matching funds for your workplace 401(k)? These are just a few of the important questions to ask when reviewing what’s ahead. To learn more, head to the Harvard FCU blog for info on personalized retirement strategies, financial milestones, investing in retirement and lots more.