After a summer that might have included more spending than usual, taking a careful look at your finances in the fall could get you back on track.
If summer is a season of spontaneity and indulgence, then fall offers a counterpoint: It’s a chance to get back on schedule, and back on budget.
Gerstley says giving yourself a “money cleanse” offers a chance to carefully go over your spending and financial habits so you can make any necessary changes to end the year strong. With inflation and economic uncertainty in the background, that’s no easy task, but putting in the extra effort now can pay off.
Then, Hoskin says, initiate what he calls a “financial audit,” which means tracking all of your spending over the last couple of months by poring over credit card and bank statements. From there, you can see what unexpected expenses popped up or why it has been so hard to save. “With inflation, it’s extremely challenging, and you might find your budget didn’t work even if you did everything right, because some things are out of your control,” he adds.
“I always think the first step is a zero-based budget,” she says, which means every dollar is accounted for, including money set aside for savings and any“It forces you to confront spending decisions and to get really clear about financial priorities,” she says, because you comb through every little bit of spending.Lapato likes to start each day with a quick check of her own budget.
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