Even as some prices are finally coming down, day-to-day household planning can still be unpredictable. Auto insurance, rent and housing are the top three costs that have gone up for families in the last year or so, according to government data, even while the price of items like electronics are headed in the opposite direction. Trying to account for one person financially can be tough this time of year, let alone for multiple people who are relying on your savvy budgeting skills.
A few pro tips to start getting your fall finances in order:
- Use a prepaid debit card to avoid overspending on certain expenses.
- Find a check cashing service that will get you your money without delay.
- If your budget allows, wire money or transfer funds to cover outstanding debts.
- Sign up for an electronic bill payment service if you need help making deadlines.
The changing seasons signal it’s time to review your household budget and start planning for any financial bumps that lie ahead. Here’s how to get started.
Compare Your Spring and Summer Budgets with the Next Three to Six Months
Whether or not you have kids in school, budgeting at the end of summer as fall approaches is a good way to stay ahead of any upcoming financial challenges. With summer vacation behind you, things may feel more predictable as you settle into a fall routine. It’s a great time to go back to the books and assess what your needs will be for the next six months or so to make sure you’re doing what you can to make ends meet with a little extra dough to spare.
Budget More for Services, Groceries and Other Inflated Household Needs
These days especially, many people will benefit by budgeting a little extra for groceries and other routine expenses that may still seem overpriced. People tend to underestimate the cost of things like milk, eggs and fruit even if they know prices have been high for some time. What other necessities seem overpriced to you? It’s best to have some padding for that dinner out, unexpected Uber ride, or cleaning service than to be caught off guard by a deficit at the end of the month.
What Expenses Do Families Have to Plan for in the Fall?
As you look to the future, try to determine if any expenses will differ from the past three months. Food, transportation and housing are the most costly expenditures that typical households will have to cover this fall. Are you planning any changes to your routine? Figuring that into your fall budget will give you a sense of where any extra dollars will be going and whether you may need to start saving in other areas.
1. Cold Weather Shoes and Clothing
Families will want to think ahead about items their kids are likely to grow out of within the next six months. Also, take a look at last year’s winter wear so you’re realistic about what can be reused. That way you can start looking for deals on the necessary winter wear now.
2. Holiday Gifts and Travel Plans
What did you spend around the holidays last year? Are you planning anything different? It’s never too soon to budget for the Thanksgiving dinner you host every year.
3. School Trips, Education Events & Extracurriculars
From team uniforms to class field trips, stay in touch with school officials so that you know what may lie ahead. Some expenses may be covered by the school, while others are funded by parents.
4. Sports, Entertainment & Dining Out
Whether you’re into the NFL or the MLS (that’s Major League Soccer to newcomers), catching a live sporting event is one of Americans’ favorite pastimes, and football and soccer seasons will soon be underway. Once you know how much room there is in your budget you can set aside some cash for sports, entertainment, or whatever else floats your boat.
Address Any Household Debt This Autumn
As mentioned above, paying down at least some debt will also clear the way for a more financially stable year ahead. Start with credit cards, as they tend to accrue the most interest. With any remaining debt, figure out what you can cover now in small chunks, prioritizing whatever is more urgent and growing the quickest.
CFSC Locations Helps Families Stay on Budget Each Fall
Taking even small steps to get your household finances in order will help you feel as fresh as a crisp autumn morning. An array of financial services at CFSC Currency Exchanges throughout the country are helping families and individuals take the actions they need to create a financially sound future.
Check out CFSC currency exchanges online to find out which services will be the most useful, and stop by the closest CFSC location today to get started!