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Fall Back Into Financial Success

Fall Finance Tips

The holiday season and the end of year will be here before you know it! If you’ve taken a couple detours that have prevented you from reaching your financial goals, fall is a great time to get yourself back on track.

Review Your Spending
Spent more than you should have this past summer? Take the time to assess your spending to determine where you need to cut back and where that money should be going instead, whether it be towards your savings or bills. It’s important to get yourself back in control of your spending before the holiday season so that you don’t accumulate debt before year-end.

Continue to Fund Your Emergency Savings
As tempting as it may be to use the money from your emergency fund for non-essential purchases, it’s there to help you prepare for unexpected expenses like a medical bill or car repair, and to protect you from taking out additional debt. If you’re unsure of how much you should have in your emergency fund, the rule of thumb is to have at least three months of expenses saved.

Book Your Travel Arrangements Early
Traveling can get expensive, especially around the holidays. If you can book your travel arrangements early, you’ll have a better chance of getting a better price as opposed to waiting last minute. And although the price on low-cost airlines might seem too good to be true, there may be an array of à la carte add-ons that could make the airfare more expensive than what you were expecting. Try checking out websites that can let you place a price alert and do as much research as you can to score a great deal.

Maintain a Holiday Budget
Managing a budget is tough; but when you know that you’ll have to buy gifts in the upcoming months, a holiday budget can be helpful when it comes to figuring out how much money you can afford to spend this holiday season. If money is tight, keep an eye out for deals, especially on Black Friday. Also, stop by your local First Mid banking center to ask about our Seasonal Savings Accounts!