With summer coming to a close and fall starting up, there are certain things individuals may want to give some extra attention. This includes their financial affairs.
While summer can be a lot of fun, it can also be expensive. According to a recent survey, the vast majority of Americans (87 percent) indicate that the summer months are when they spend the most on socializing.
So, autumn can be a good time for people to do a financial checkup. This can help consumers understand the state of their financial situation after the expenses, expected and unexpected, of summer.
Examples of things individuals may want to review during a fall financial checkup include:
- Their credit score
- Their spending habits
- How much in debt they built up over the summer
- Their tax withholding levels
- Their retirement account contribution levels
- The current prices from their service providers and the prices of competitors
Along with reviewing one’s current financial situation, it can also be wise to make plans for the future during this checkup.
For one, if a person spots any problems or areas for improvement during this checkup, he or she can form plans to address the issues in question. This could include things like plans for cutting spending and plans for paying off debt.
Also, individuals may want to start planning out their budget for the winter holidays and preparing for health care open enrollment.
Sometimes, when performing reviews of their finances (such as a financial fall checkup) individuals spot serious financial problems that can’t be addressed by small fixes. Some financial difficulties can require major debt relief measures, like Chapter 7 personal bankruptcy, to properly address. When consumers detect major problems with their financial situation, they may want to discuss their circumstances with an experienced bankruptcy attorney to get a better picture of their options.