13 Steps to Refocusing Your Finances for Fall/Winter: A Guide

13 Steps to Refocusing Your Finances for Fall/Winter: A Guide

09.13.2024 - By: Anastasia Barbuzzi

Fall and winter offer the perfect opportunity to shift our focus inward, more specifically, to our finances. Whether you're a seasoned pro at budgeting or just starting your financial journey, now is a great time to reflect, plan, and get organized so you feel confident and in control.

This guide will walk you through how to refocus your finances for the fall/winter with practical steps to take control of your financial future. Not just to help you cope amidst the holiday craziness but also to embark on the "fresh start" or "new season" that back-to-school and autumn inspire.

13 Steps to Refocusing Your Finances for Fall/Winter

1. Start With a Look Back

Before we dive into the details, let's take a moment to reflect. Not just how you spent your summer but also your entire financial journey thus far. What damage did you do this summer? What have been your wins? What have you learned? Identify the habits that have helped you succeed and those you might want to leave behind as you step into fall. Acknowledging where you've been can clarify where you need to go.

2. Get Organized (Mentally and Physically)

Now that you've reflected, it's time to get organized. This means both mentally and physically. Mentally, clear out the financial clutter that's been swirling in your head— any anxieties or to-do's you've been putting off. Physically, sort through your bills, receipts, and statements. Set aside time to categorize and organize them in a way that's easy to maintain for the months ahead. Get a filing cabinet, planner, app, or notebook— whatever works for you. When your financial world feels orderly, it's easier to tackle the tasks that lie ahead.

3. Review Current Expenses

Take a deep dive into your current expenses. What have you been spending on? Are there subscriptions, services, or habits that no longer serve you? Fall is a great time to cut the fat— trim down those unnecessary costs and redirect funds towards more meaningful goals.

4. Evaluate Your Current Income and Budget Accordingly

As our friend Dani Nelson says, it's fixupszn.com! Evaluate your current income and ensure your budget reflects any changes or goals you want to achieve before the year ends. Have you received any raises or extra cash? Is there a potential for more by the end of the year? Make sure your budget accounts for all of it, plus the upcoming demands of the holiday season.

5. Prepare to Make Career Moves and Negotiations

If you've considered making career moves or negotiating a raise, fall is a strategic time to act. Companies are wrapping up their year and planning for the next. Now is the perfect time to ask for that raise, renegotiate your salary, or explore new opportunities that align with your career goals.

6. Check Retirement and Education Accounts

It's back to school szn. Before the end of the year, check on your retirement and education savings accounts. Are you contributing enough to meet your long-term goals? If not, consider increasing your contributions before December 31 to maximize tax benefits.

7. Use Up Your Benefits

If you're lucky enough to have health or employment benefits, now's the time to ensure you've used them before they refresh in January. This could include scheduling doctor or dentist appointments, using up health spending accounts, or getting necessary work done on your home or car. Get that massage you deserve! Whatever it takes.

8. Focus on Building Your Emergency Fund

Winter often comes with its fair share of unexpected expenses—home repairs, car maintenance, or medical bills (even unexpected dinners and house visits). Now's the time to bulk up your emergency fund to cushion those inevitable surprises. Having at least three to six months of living expenses saved up is "ideal."

9. Prioritize Paying Off Debt

Before you incur any more by going all out this holiday szn. Debt can feel like a heavy burden, but fall is an excellent time to start a repayment plan that works for you. Consider tackling the highest-interest debts first, but come up with a strategy that's both realistic and sustainable.

10. Automate Your Savings

Because other things will get in the way of you reaching your goals this season! One of the best ways to ensure you're saving regularly is to automate it. Set up automatic transfers to your savings account so that you're consistently putting money away without even thinking about it. This helps to ensure your goals stay on track, even when life gets busy.

11. Consider Upcoming Holiday Expenses

The holiday season is full of joy—and expenses. Start planning for those costs, whether gifts, travel, or hosting parties. A holiday budget will help prevent overspending and keep your finances in check as you close out the year. And remember— you're not obligated to participate in the festivities. 

12. Assess Current Goals and Desires for the Remainder of the Year

Take some time to reflect on what you want for the rest of the year. Are your financial goals aligned with those desires? What do you need to change or adjust to meet them? Being clear on what you want helps to focus your energy and resources on what truly matters.

13. Bookmark $HMONEY's Hibernation Guide

While the cooler seasons provide the perfect time for reflection and personal growth; your finances should be no exception. Cozy up with $HMONEY's Hibernation Guide and use this quiet time to delve deeper into your financial education. Even better, you'll be part of a community working towards the same goal—financial literacy and empowerment.

So, embrace the quiet and comfort of the coziest seasons, and take this time to refocus on your financial goals. Small steps now can lead to big gains by the time the year wraps up, not to mention peace of mind when you most need it. You’ve got this— use the FREE download below to track your progress! 🫶🏼

Right click or tap and hold to save!

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