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7 Best Money Moves this Fall

Itق€™s a common annual scenario ق€" fall comes and wallets open up. Multiple holidays are right around the corner, and it seems that high frequency spending doesnق€™t cease until winter has come and gone. Since autumn is the beginning of habitual and excessive spending habits, there are some money moves you can make this fall to ensure that you donق€™t fall into a snowball of debt. This is the time of year when youق€™ll need to take advantage of the flexible-spending dollars and retirement savings for 2014 before the deadlines hit. To help you this fall, here are some tips to get your finances in gear for the end of the year.

Give Your Finances a Tune-up

Now is the time to look over your finances for the past couple of months to see where any overspending has taken place. Look over your bank and credit card statements to see where the money has gone and whether it could have been spent in a more productive way. Seeing your past money mistakes can help you make better future financial decisions. Since open-enrollment falls during autumn, you can use this time to find a better health plan. If you find that youق€™re not spending too much money, you can opt for a higher-deductible plan, or even switch to an HMO that will allow you to stay in the network.

Make Use of Flexible-Spending Accounts

Flexible Spending Accounts (FSA) can be a great investment if you require a lot of medical attention, such as getting checkups, screenings and prescription medications. It can sometimes be hard to know how much youق€™ll spend each year on your healthcare, especially when unfortunate accidents happen or unexpected health issues arise. You can use this time to look back at the past year to see how your medical expenses were. Did you overestimate or underestimate your spending? Use this data to determine if you should put less money away, so that you donق€™t end up losing it at the end of the year.

Begin Saving Holiday Money Now

The sooner you start saving for the holidays, the better. The savvy holiday shoppers even begin making purchases well before the holidays, which prevents an overload on their budget when the holidays finally roll around. This is the time to plan exactly what youق€™ll buy this fall. A lot of people go into a frenzy the closer the holidays get, which can lead to a massive December bill. A great idea is to either get a few pricier gifts or plenty of cheap gifts. Donق€™t make the common mistake of getting lots of expensive presents. This is especially true for folks who have a large family and network of friends.

Funnel Money into Your Retirement Accounts

You donق€™t want to look back five, ten or twenty years from now when youق€™re retired and regret your holiday spending habits. To ensure that you have a nice-sized retirement account when itق€™s time to hang up your work coat, donق€™t skimp out on retirement savings during the fall. Set money aside to go into your retirement fund. For 2014, individuals are able to put up to $17,500 in a 401K, and those 50 and older can contribute up to $23,000. The limit deadline extends until April 15, 2015. This is a time when most people spend the most money; so make sure to put some of that towards your future as a retiree.

Donق€™t Forget About Your Portfolio

America is having one of its best stock market surges yet, but this doesnق€™t eliminate possible risks. Going over your portfolio now can help you pinpoint any potential exposures to risk that could stump your fall savings and earnings. Donق€™t tolerate more risk than you can handle. Look for assets that may have exposure thatق€™s grown exponentially in risk. Make adjustments as you see fit to ensure that you have a good chance for financial stability this coming autumn. You can even use the help of a financial expert to help clean up your portfolio.

Get Prepared for Rising Interest Rates

With the economy on the mend, itق€™s expected that interest rates will show a steady climb upward this fall. With that said, itق€™s advised that you pay off your credit card debts as much as you can before these new interest rates kick in. Plus, you should make big purchases now. Mortgage rates are susceptible to these hikes in rates, and just to give you an idea, your purchasing power can be reduced by 11 percent just with a one percent increase in your mortgage interest rate.

Make Your Shopping More Strategic

Prices are raising everywhere ق€" grocery stores, airlines, department stores and more. What this means is that you need to carefully plan what youق€™ll buy and when. Being a savvy shopper is more important now than ever, and thanks to the Internet, comparison-shopping is made easy. Stats show that families who take the time to comparison-shop save at least $1,000 annually on everyday items like clothes and groceries. Not to mention, couponing and using discount sites can help you save just as easily. Sign up for email notices that let you know of flash sales on mid to high-end designer products that would otherwise be unaffordable.

With careful planning, you can make this fall one that isnق€™t record breaking (in a bad way). Keeping finances in order doesnق€™t have to be confusing or intimidating. With the right adjustments at the right time, you can save money for the holidays and beyond.