Back to school time means back to a routine for many families. Summer vacations were enjoyed, fun was had at the pool, and hot dog cookouts in the backyard were relished (pun intended). Whether you are a family with kids in school or not, fall is a great time to take account of your financial situation and get back into a financial routine to finish the year strong.
If you are anything like me, my budget tends to get a little more lenient in the summer months. Here are a few ideas on things you should be reviewing and thinking about as you head in to fall.
1. Review your budget year to date.
See how your spending is lining up with what you budgeted. Did summer spending set you back a bit? If so, make a conscious effort to reel it back in this fall.
2. Look at your cash reserves.
How are they sitting compared to the beginning of the year? If you had some large, one-off expenses, take the next few months to focus on getting those reserves back up before year-end.
3. Plan for holiday spending.
November and December can be large spending months around the holidays. Between travel, food, and gifts, expenses can really ramp up. By planning ahead and putting money aside, you can reduce this burden.
4. Review your investments and insurance.
It is always good to make sure you are keeping up with how your personal investments and insurance are doing. When was the last time you really dug in to how much insurance you have and what it is costing you? Do you know what returns you need to pursue your financial goals? Contact one of our advisors today!
If you do not stop and take a few moments to review and look at these things, the busyness of life will take over and you could find yourself with financial surprises or frustrations. Taking the time today can help with your confidence tomorrow and allow you to enjoy the rest of the year!
- Compass Advisor, Caleb Pearson