Fall is a great time to take a pause, examine your finances and do some financial planning. For a variety of reasons, once the winter holidays come or the weather changes, some of us change too. We may become focused on the winter holidays. We may feel the emotional pull of obligations to family and friends. We may feel tired and ready for the New Year. Whatever the case, it makes sense to look ahead during the fall rather than wait right until the year ends to consider how we are doing financially.
Plan donations. There is nothing wrong with getting in line to drop off donations on December 31…but you can avoid that by deciding on donations during the fall. Doing this not only prevents a last-minute rush, it also means that you will be able to clear some things out before the winter holidays.
If you tend to make monetary donations, it makes more sense to plan your donations before the winter holiday season. You will have time to vet organizations to make sure you feel comfortable with how these organizations use donations. You can decide how much you want to give and have this limit in mind before the winter holiday push for donations.
Prepare for Winter. If the winter season brings weather challenges in your area, you should get ready. This may mean spending money to get your house or car prepared. Depending on the work you do, it may mean saving money because your ability to make money might be affected by inclement weather.
Review your financial planning. Take some time to look at the financial planning you did for the past year. Did you meet your goals? Did something unexpected means altering your plans? If you do not already consult with one, meet with a Fee-Only financial planner to look at how you will handle your finances in the coming year.