The weather may cool down as summer turns to fall, but your spending might be warming up. Revisiting your finances and creating a fall savings plan can help you prepare to end the year strong.
Why fall is ideal for a financial reset
As a natural checkpoint before the year ends and the holiday season begins, revisiting your budget in September or October is the perfect time to focus on your finances and make any adjustments you may need. Take this time to reflect on your spending during the summer and make changes to get back on track.
Carve out savings (no pumpkin required)
As the leaves begin to change, fall provides plenty of opportunities to spend on cozy comforts and family fun. While you can keep your spending on track with Ally Bank spending buckets, there are also plenty of ways to save this season.
An emergency fund to weather any storm
Are you prepared to cover your bills in the event of a job loss or medical emergency? Gathering your savings in an emergency fund can give you peace of mind and the money to stay afloat in case of an unexpected expense.
Create your fall savings bucket list
As you get your fall savings plan underway, think about what goals you want to save for, and then decide how much you want to save toward each one. Next, create savings buckets, a feature of Ally Bank’s Savings Account, to track your progress on each goal.
Along with budgeting for pumpkin-spice-everything this season, fall is also a great time to set aside money for holiday expenses like gifts, decorations, parties and travel.
Falling temps, rising savings
If you’ve slimmed down your budget and still need to carve out more savings, start thinking beyond the usual suspects.
Trim costs at home
Take a close look at your utility bills to spot opportunities to squash expenses. Consider swaps like installing a programmable thermostat to help regulate your energy costs or regularly servicing your Heating, Ventilation and Air Conditioning (HVAC) system to keep it running efficiently.
Find the best debt strategy fit
When paying off student loans, credit cards, a mortgage or any other type of debt, experiment with different debt management styles to find the strategy that works best for you.
Upgrade your savings account
When choosing accounts, look for one that offers a competitive annual percentage yield (APY) with no monthly maintenance fees. Ally Bank’s Savings Account also compounds interest daily, allowing your money to grow more quickly than if interest were compounded less frequently.
Get your coupon game on
Whether you’re planning a back-to-school shopping trip, a fall getaway or holiday shopping for everyone on your list, take time to compare prices and look for discounts. And while you’re shopping, consider using cash back apps to earn back some of what you spend (then funnel that into your fall savings).
Consider investing some of your savings
Investing could help you pursue your goals. If you don’t have an investment account yet, you can get started with Ally Invest today. You can choose self-directed trading if you’re interested in DIY investing or robo portfolios if you prefer to invest with professional guidance. Keep in mind, as with all investment accounts, consider your risk appetite to determine where to put your additional funds.
Utilize credit cards wisely
It can be tempting to use a credit card to pay for seasonal expenses. Before swiping, make sure you can pay off the balance in full each month to avoid interest charges and help build a strong credit score. Setting up automatic payments is a smart way to avoid late fees and missed deadlines.
Fall forward: Planning for future success
Fall is a great time to set some new financial goals and evaluate ones you’ve already been working on.
Navigating financial planning
You can better plan for the future if you have an idea of where you currently are. Take the time to review your credit report regularly to maintain a healthy credit score. You can also consult with a financial advisor for more personalized advice.
Preparing for seasonal expenses
Along with budgeting for pumpkin-spice-everything this season, fall is also a great time to set aside money for holiday expenses like gifts, decorations, parties and travel. Save for these bigger costs by cutting back on unnecessary expenses.
Get started on your fall savings goals today
As you prepare for the season of bonfires, apple picking and corn mazes - a solid financial plan could help you keep your family’s financial goals top of mind and moving forward all year round. Creating a consistent fall savings plan (with clear goals and dedicated accounts) is an intentional way to stay financially on track through the busiest spending season of the year.
