Fall Into 5 Financial Tips for Success
Summer is coming to an end. Now that the hottest days, family vacations and back-to-school rush are behind us, it’s a great time to give some attention to your personal finances. Prepare for the coming months – and the holidays on the horizon – with these end-of-summer tips:
- Pay quarterly estimated taxes. If you’re self-employed or you have extra income you haven’t reported on your W-2, now’s the time to make sure you’re paying both state and federal quarterly estimated income taxes so you don’t get stuck with a big bill from Uncle Sam in April.
- Prepare for the cooler months. Although it may be hard to imagine with all the hot weather we’ve experienced this summer, staying warm gets expensive when winter hits. Many utility companies offer “budget billing” plans that allow you to spread your heating costs over the year while avoiding a surprisingly large bill for a particularly cold month. Also, winterizing your home this fall conserves energy and saves money.
- Start saving for the holidays. It may sound excessive to start thinking about the holidays in September, but Christmas is a little more than 100 days away. Now is a great time to create a holiday spending plan. For instance, if you plan to spend $300 on gifts, you should start saving $3 per day to get there. Stashing away cash in advance allows you to buy gifts for everyone on your list without taking on debt. Resolve to start a Christmas Club savings account in the New Year to jump-start your savings habit.
- De-clutter and donate. As summer winds down and you start spending more time inside, take a hard look at all the stuff you’ve been stockpiling. Sorting through clothes you no longer wear along with electronics and unused household items can free-up space and even make you a little cash. Sell items at a local consignment shop or donate them (by making a tax-deductible contribution).
- Teach children to save. When kids return to school, they often have a renewed sense of focus and determination. Schools across the country are incorporating financial literacy into the classroom. Take this opportunity to talk to your children about money and the importance of saving. Your efforts will be rewarded as your child develops an understanding of financial principles and positive financial habits. Consider joining our Kool Kat Kids Klub for kids ages 3 - 12.