Fall 2024 save-more-money checklist from a Financial Advisor

As the summer winds down, fall is the perfect time to refocus and bring order back to your life. Boost your financial confidence with this checklist, crafted to help you cut down on daily costs, plan for the holidays, and set your finances straight before the year wraps up.

September

Ask for that raise

Don’t wait until the end of the year to bring up a raise with your boss. Many companies are currently planning next year’s budget, making now the ideal time to initiate the conversation. If there’s no formal review process in place, schedule a meeting yourself. Prepare by listing your key achievements, using numbers where possible to highlight your impact, and decide on a reasonable percentage increase to request.

Clear out your closet and earn some cash

Turn those unworn summer clothes into extra money by selling them on resale sites. Use the profits to update your fall wardrobe with pieces you need.

Pay quarterly taxes

If you’re a freelancer, self-employed, or have a side hustle, make sure you’re ready for the next quarterly tax deadline on September 16, 2024, which covers income from June 1 to August 31. If you expect to owe more than $1,000 at tax time, or if you owed taxes last year, you may need to make these estimated payments.

Set up a school carpool

If the bus isn’t an option for your child, consider starting a carpool with nearby families to save on gas and avoid long drop-off lines. You can use local social media groups or class email lists to find other parents interested in sharing the driving. If you’re unable to drive, you could offer to contribute to gas costs in exchange for rides.

Review recurring expenses

Now that summer is over and you’re back home more, take a closer look at your recurring expenses. Review your recent credit card statement to identify any ongoing charges for services you no longer need. Some banks will even highlight these for you. Cancel what you’re not using, and then set up an automatic monthly transfer of the savings to your savings account.

Cut costs at the stadium

According to a recent LendingTree survey, millennials spend over $600 on tickets, merchandise, and tailgating each season. To save on your fall sports activities, check if your credit card offers discounts on game tickets or fan gear. Consider buying tickets on reliable resale sites on game day for better prices or bring your own snacks and drinks if stadium rules allow. Parking farther away or taking public transport can also help cut costs.

October

Get your heater ready

Your furnace filter helps keep your home's air clean by blocking dirt and dust, but a clogged filter can reduce air quality and increase your energy costs. Make sure to replace your furnace filters every 60 to 90 days to keep your system running efficiently. Check out these 6 additional tips to help lower your utility bills.

Shop the farmers' market for fall deals

While farmers' markets are popular in spring and summer, fall can offer great bargains too. Look for bulk deals on seasonal produce like apples, squash, and carrots, or save on "ugly" produce that may be slightly bruised or misshapen. U-Pick farms are another great option, often offering lower prices for picking your own produce.

Buy pumpkins at the grocery store

For a budget-friendly pumpkin, consider shopping at your local grocery store instead of the pumpkin patch. While the patch provides a fun fall experience, prices may be higher to cover the costs of activities like hayrides and corn mazes.

Track holiday airfare

Holiday airfares are expected to rise, so start tracking prices early for the best deals on Thanksgiving and Christmas flights. Book by early October if possible, and consider flying on less popular days, like the Monday or Tuesday before Thanksgiving. Check the Department of Transportation's customer service dashboard to see which airlines offer reimbursements or accommodations for delays or cancellations beyond their control.

Plan your holiday gifting early

With just a few paychecks left until the winter holidays, now's the time to plan your gift list and set a budget. Last year, 34% of Americans took on holiday debt, according to a LendingTree survey. To avoid overspending, decide how much you can allocate from each paycheck.

November

Review your retirement contributions

Log into your retirement accounts to see if you're on track with your savings goals. Try to increase your contributions by 1% whenever you receive a raise, bonus, or other unexpected income. At a minimum, contribute enough to your employer-sponsored plan to take full advantage of any matching contributions, so you’re not leaving free money behind.

For those looking to maximize contributions, keep in mind that the limits for 2024 have increased: $23,000 for 401(k) and 403(b) plans (including pretax and Roth contributions) and $7,000 for IRAs.

Get ready for open enrollment

If your health insurance comes through your employer, make sure to check this year’s open enrollment period. If you’re purchasing insurance on HealthCare.gov, open enrollment starts on November 1.

If it’s your first time, take some time to understand how to select a health plan. If you’ve had coverage before, review last year’s plan. Consider switching if you didn’t meet your deductible or had high out-of-pocket costs.

Be sure to confirm that your doctors remain in-network and that your prescriptions are still covered. If you have access to a Health Savings Account (HSA), explore how it could help reduce your healthcare expenses.

Use your paid time off (PTO)

Unlike school, there’s no reward for perfect attendance at work. Plan now to use all your vacation days before the year is over. PTO is a part of your compensation package, so don’t leave money on the table. Calculate its value by multiplying your hourly rate by the number of PTO hours offered by your employer.

Schedule medical appointments and use your FSA funds

If you’ve already met your insurance deductible for the year, consider scheduling any remaining medical appointments before it resets in January to save on costs. If you have funds left in your Flexible Spending Account (FSA), spend them on eligible expenses and submit your receipts for reimbursement before the December 31, 2024, deadline.

December

Plan Your Charitable Giving

Think about the impact you want to have this year and start budgeting for it now. With just a little time, you can make a meaningful difference.

If you’re planning to donate money, keep in mind that contributing to a qualified organization before December 31, 2024, could lower your tax bill for the year. (It’s a good idea to verify an organization's eligibility beforehand.) Also, see if your employer offers a donation matching program to potentially double the impact of your gift.

Bottom Line

As fall arrives, it's the perfect season to get organized and take control of your financial future. This checklist offers practical steps to help you streamline expenses, prepare for the holidays, and make sure your finances are in good shape before the year ends.

Sources:

https://www.fidelity.com/learning-center/smart-money/fall-financial-checklist

Disclosures:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information