Fall is here! As the vibrant colors of summer fade and cooler temperatures set in, itโs the perfect time to take a step back and reassess your finances. With summer spending behind us and holiday expenses still a few months away, fall presents an ideal window to get your spending and savings back on track.
Whether youโre looking to save for upcoming festivities or just want to build a better financial cushion, nowโs the time to act. With that in mind, here are five practical tips to help you cut back on spending this season:
- Partake in fall fun
Summer is filled with a lot of spending on entertainment and activities. But as temps cool down, your spending on entertainment can, too. Take advantage of fall recreational activities that donโt require much spending, like going on a hike, visiting a lake, having a campfire, or visiting a pumpkin patch. Many communities hold fall festivals that are filled with free or discounted activities, like live music, petting zoos, food trucks, and more. Itโs fun for all ages, especially kids!
- Decorate on a budget
Fall is without a doubt a fan-favorite season to decorate for. Getting all those elements and decorations to bring your dream fall aesthetic to life, though, isnโt cheap. Instead, save money by decorating your house with natural elements, like acorns, apples, and gourds to bring the warm colors of fall indoors. If youโre going more of a vintage fall style, head to a second-hand store for discount fall dรฉcor.
- Turn off the air conditioner
Itโs time to give the AC a well-deserved break and let that crisp, cool fall air fill your home. This may seem like a no brainer, but sometimes the AC is a luxury you wonโt want to give up just yet. Not only will you be embracing the outdoors when you drop the AC, youโll be dropping the price of your electric bill, too.
- Check in on your subscriptions
If youโre not using them, cancel them. Was your resolution this year to get a gym membership? Evaluate if youโre taking advantage of it the way you promised, or simply not at all. If thatโs the case, itโs time to cancel the gym membership. This goes for subscriptions to streaming and music services, too.
- Maximize year-end financial opportunities
As we approach the final quarter of the year, itโs the perfect moment to reflect on the financial goals you set at the beginning of the year. Take a close look at where you stand now compared to where you intended to be, and even compare it to your financial situation this time last year. If you find yourself under budget, consider getting ahead on payments, boosting your holiday savings, making additional contributions to your 401k, or rolling the surplus into your emergency fund. On the other hand, if youโre over budget, identify the areas where overspending has occurred and make the necessary adjustments to get back on track.
For more valuable savings tips and guidance on how to keep your finances thriving, visit a nearby financial center or reach out to us.
