5 Simple Ways To Do a Fall Financial Tune-Up
Written by
Chris Adam
Edited by
Rebekah Evans
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If spring cleaning is a good time to tune up the house, perhaps fall is a great opportunity to review your personal finances. It can be a time to clean things up just in time for the end of the year before the calendar turns to a new one.
Here are a few simple ways to do your own fall financial tune up.
Review Your Budget and Cash Flow
Take a close look at income, recurring expenses and discretionary spending, said Christopher Stroup, founder and president of Silicon Beach Financial.
“For entrepreneurs, include both personal and business flows,” Stroup said. “Adjust where needed to ensure you’re saving adequately, avoiding unnecessary debt and freeing up cash for end-of-year priorities or upcoming investments.”
Rebalance Your Investment Portfolio
Markets shift throughout the year, which can change your asset allocation.
“Check if your portfolio aligns with your risk tolerance and long-term goals,” Stroup said. “A fall tune up ensures your investments remain on track for growth while mitigating unnecessary risk.”
Shop Your Insurance
Even if you’re not willing to spend a great deal of time looking at insurance options, it still makes sense to do at least a little shopping around. “You may be able to both raise your limits and lower your premiums,” said Kevin Estes, certified financial planner (CFP) and founder of Scaled Finance,
Harvest Losses or Gains
“It could make sense to either lower income in a good year or raise it in a tough one,” Estes said. “The standard deduction lets some income avoid federal tax. More income is generally taxed at a higher rate.”
Up to $3,000 in capital losses can lower earned income. Gifts to charity may also be deducted. The tax savings may be bigger in high-income years.
The opposite is true for low-income years, Estes added. More income can fill lower tax brackets. One option is to either distribute or convert funds from a retirement account. Another is to sell investments for a gain.
Try a Zero-Spend Month
Even a zero-spend week could be helpful, according to Annie Cole, Ed.D., money coach and founder of Money Essentials for Women.
“See what feelings and urges come up for you,” Cole added. “This can help you clarify what items and experiences in life are truly worth spending your money on.”
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