The weather may cool down as summer turns to fall, but your spending might be warming up. Back-to-school costs, holiday expenses and increased travel can all lead to extra spending this season. So, how do you rake in the fun without breaking your budget? Create a fall savings plan to keep you and your festivities on track. Read more: Start saving for pumpkin spice lattes, back-to-school spending and more with Ally Bank’s buckets and boosters
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.
Why fall is ideal for a financial reset
As a natural checkpoint before the year ends and the holiday season begins, fall is the perfect time to focus on your finances. Take this time to reflect on your spending during the year and make changes to get back on track.
Start with an emergency fund
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 a 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.
Cut 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 HVAC system to keep it running efficiently.
Make debt less expensive
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 seek out 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).
Invest 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.
Planning for future financial 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.
