Advice
As the leaves begin to fall and the year winds down, autumn offers more than pumpkin spice and cozy sweaters. It’s also a good time to clean up your finances.
Just like spring cleaning helps freshen your home, fall financial cleaning helps clear out clutter, tighten your budget, and prepare for year-end spending. With the holidays approaching and cybercrime on the rise, autumn is a good moment to manage your money, reassess your financial goals, and review your investment strategy.
Here’s your step-by-step Fall Financial Cleaning Checklist to potentially help you feel more confident, secure, and in control heading into the final stretch of the year.
1. Review and Refresh Your Budget
Start with the basics by reviewing where your money is going each month.
Look at your last 60–90 days of spending. Are you staying within your budget, or have certain categories crept up?
Update recurring expenses like subscriptions, memberships, or services. Cancel what you no longer use. And rebalance your budget for seasonal costs like heating, clothing, school expenses, and holiday gifts.
2. Set or Reset Your Financial Goals
Fall is a great time to check in with your goals—whether they’re short-term (like saving for a holiday trip) or long-term (like building an emergency fund or retirement savings).
Ask yourself, what progress have I made since the past January? What goals still need attention? Are there any new priorities to plan for (e.g., home repairs, tuition, medical costs)? Even small course corrections now may make a big difference by year-end.
3. Clean Up Financial Clutter
Digital and physical financial clutter may lead to missed payments, overlooked fees, or confusion during tax season. Spend an hour or two tidying up.
Organize your financial files (physical and digital). Label folders for banking, insurance, taxes, and other categories. Shred any outdated documents (older than five years) with sensitive information like old pay stubs, tax documents, and account statements.
In your email accounts, unsubscribe from promotional emails that clog your inbox and may tempt you into unnecessary spending.
Consolidate old accounts if you have dormant checking, savings, or credit card accounts you’re no longer using.
4. Update Passwords and Enable Security Features
Cybercrime tends to spike during the holidays, making fall a critical time to strengthen your defenses.
Use a password manager to keep track of account logins. Update your passwords for key financial accounts: banking, credit cards, investment platforms, and any account with access to personal data. Use strong, complex passwords, and don’t reuse the same one across platforms. Enable two-factor authentication (2FA) wherever possible for an added layer of security. Check your email security since email access may be a gateway to bank and shopping accounts.
Finally, always avoid using public Wi-Fi when logging into financial apps or accounts.
5. Check for Unusual or Unauthorized Transactions
Review all your bank and credit card activity from the past few months to catch fraud early. Scan for small, recurring charges you don’t recognize—these could be test charges from scammers. Look for duplicate or unfamiliar transactions. And flag anything suspicious immediately with your financial institution.
Many fraud attempts go unnoticed because people don’t check their accounts regularly. Make it a habit to review your accounts.
6. Request and Review Your Credit Reports
Fall is a great time to pull your free credit reports from the three major bureaus: Equifax, Experian, and TransUnion. You’re entitled to one free report from each bureau every year via AnnualCreditReport.com.
When reviewing your reports, look for accounts you don’t recognize. Check your payment history and credit utilization. And always make sure your name, address, and Social Security number are accurate. If you find any errors or signs of identity theft, report them to the three credit bureaus immediately.
7. Manage Year-End Savings Opportunities
Fall is your window to take advantage of tax-friendly savings options before December 31. Consider contributing to your retirement plan (401(k), 403(b), IRA) if you haven’t already. Be sure to use your flexible spending accounts (FSAs) before the funds expire. You may also fund a 529 plan for education savings, with contributions that are tax-deductible in some states, or donate to charities for a federal tax deduction. Talk to a financial professional to make sure you’re optimizing any tax deductions or credits available to you.
8. Evaluate Your Insurance Coverage
Life may change a lot in a year. Use the fall as a time to review your insurance and make sure you’re adequately covered.
Review your health insurance coverage before open enrollment ends. Compare auto and homeowners or renters insurance quotes to ensure you’re getting a reasonable rate. And if you’ve gotten married, had a baby, or taken on new debt, update your life insurance policy accordingly. Fall is also a good time to review your insurance beneficiaries and update them if needed.
9. Guard Your Identity Heading Into the Holidays
Online shopping increases in the fall and winter, which means more risk of phishing, scams, and data breaches. Stay ahead of it by watching for phishing emails and texts, especially ones that pretend to be from major retailers or banks. Don’t click suspicious links or open unknown attachments, and use secure checkout pages (look for “https” in the web address). Limit how much personal info you share on social media, especially around travel plans or expensive gifts. And consider placing a fraud alert or credit freeze if you’ve been a victim of identity theft in the past.
10. Talk to Your Family About Money
Open communication is one of your defenses against financial stress or fraud, especially during the busy holiday season.
Discuss spending expectations for the holidays so everyone is on the same page. Talk to older family members about common scams and digital safety (seniors are often targeted). And teach your kids basic financial habits, like saving a portion of their allowance and being cautious online.
Money doesn’t have to be a taboo subject. A quick family check-in may prevent misunderstandings and encourage healthy habits.
Fall Financial Reset: Final Thoughts
Taking time to organize and manage your finances this fall may keep you pursuing your goals while heading into the holidays and beyond. With fraud on the rise and the new year just around the corner, a few proactive steps today may help manage stress, save money, and keep your personal information safe. Think of it as fall cleaning for your finances, updating your budget, and helping manage your future.
Don’t forget to make an appointment with your financial professional for a year-end review to make any necessary adjustments for the upcoming year. Ryan Ablerson can help you set financial goals; contact him by calling (219) 286-5665 or send an email to [email protected].
Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.
1st Source Bank provides referrals to financial professionals of LPL Financial LLC (LPL) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for 1st Source Asset Advisors to make these referrals, resulting in a conflict of interest. 1st Source Bank is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 1st Source Bank and 1st Source Asset Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using 1st Source Asset Advisors, and may also be employees of 1st Source Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 1st Source Bank or 1st Source Asset Advisors. Securities and insurance offered through LPL, or its affiliates are:
| Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposits or Other Obligations | May Lose Value |
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
This article was prepared by WriterAccess.
LPL Tracking #781872