6 Budgeting Tips for the Fall

Just as the leaves change,  fall is a great time to update and change your budget. Preparing now ensures that winter spending (in the form of heating, presents, and other expenses) doesn’t catch you off guard. What are some smart moves to make this fall?

Keep an eye out for open enrollment seasons

Most employers schedule open enrollment for the fall months, so your coverage starts in January. If your employer or spouse’s employer has a great plan, make sure to sign up now. Check in with your employer’s HR department to review your benefits, sign up for a health savings account, and make any other necessary changes.

Set a new savings goal

You could consider saving for your child or grandchild’s college fund, saving to update your house, saving to buy a new car. Whatever it is, decide how much you need to save and your deadline. You can use a program, such as You Need a Budget, to help you save a little bit each month to reach your goal.

Prepare for holiday spending

It might be helpful to set a limit on how much you will spend on each person in your family. This limit will help you set a savings goal that you can work towards each month. Start shopping early before prices increase around the holidays. Additionally, you could consider doing something like a white elephant gift exchange with your family. It allows for some fun surprises while also minimizing spending.

Prepare your home for winter

Before the temperature drops, you might need to clean out your gutters, insulate your windows, buy a shovel, or buy insulated curtains. If you make a to-do list and budget now, you can shop around for the best deals on work or supplies.

Prepare your car for winter

Take your car in for basic maintenance to make sure your tires, windshield wipers, and other parts are ready for winter. You can also get your oil changed, radiator flushed, and do other tasks that are annoying to do in the cold. Again, use this extra time to find the best deals around.

Be smart about updating your wardrobe

Clean out your closet by donating anything you probably won’t wear anymore. Make sure to get donation receipts for tax season. Then take inventory of what you truly don’t have and need. You can use this inventory to make a purposeful shopping list. Now is also a great time to stock up on clearance summer clothing that you can layer or use next year.

Do you have any budgeting tips for the fall? Let us know in the comments below!