Fall Finance Checklist

Dial in your tax extension
"The extension deadline comes on October 15th this year, so if you filed for an extension, wrapping that up needs to be first on your list,” says Armine Alajian, founder and CPA at Alajian Group, Inc. Alajian adds that if you haven't already, now is the time to get on track to maximize your contributions to retirement accounts before the end of tax season. “Start budgeting for that, aiming to set aside a monthly amount that will help you reach the max for your 401(k) or IRA before the April 15 deadline,” says Alajian.

Review and/or set actionable financial goals
“Did you set financial goals at the beginning of the year? Going back to review and do a pulse check or setting new attainable financial goals is key for maintaining financial well-being and ensuring that you’re prepared for upcoming holiday expenses,” says Michael Martino, head of Diverse Customer Segments at Wells Fargo. Martino suggests starting by establishing clear and actionable objectives, such as saving for an emergency fund or paying off a small debt. “By having actionable goals, you’ll likely be more motivated to make better financial decisions on a daily basis,” he says. And setting tiny plans to do things like cook more at home instead of dining out, can lead to significant savings in the long run, Martino adds.

Look through your recurring expenses
Did you sign up for a gym membership that you’re not using? Are you paying for a premium television channel you rarely watch? Do you subscribe to magazines you barely read? These things can add up. Financial experts recommend taking a moment to go through your credit card bills and see what you’re being charged for regularly. If you don’t need that expense anymore, go ahead and cancel it.

Make an end of the year donation plan
Donating to your favorite charities helps out those in need and can potentially give you a nice tax break when tax time rolls around next. Take a moment to consider where you might want to donate to this year and start stashing some money aside for that organization. You can check out a charity to see how it rates at charitynavigator.org.

Make an estate plan
"Fall is as good a time as any to schedule an estate plan review and make any necessary updates,” says Derek Jacques, an estate planning attorney and principal owner of The Mitten Law Firm. “I recommend a yearly review as things change.” You might sell property in the spring or summer or there may be a newborn great grandchild, Jacques notes, with August being the most popular birth month. Updating your estate plan can help you gain peace of mind for you and provide it for your loved ones as well, knowing your affairs are in order.

Make a budget
“Being as thrifty as possible with your spending is great, but it’s no substitute for knowing exactly how much you can pay toward any debt to eliminate it as quickly and cheaply as possible and how much discretionary spending you can afford to do without negatively impacting your goals,” says Todd Stearn, founder of The Money Manual. The thought of setting up a budget can be overwhelming, but fortunately, budgeting apps like Rocket Money, Simplifi, and YNAB are very user friendly, Stearn says. On top of helping you set a budget and track your compliance and your progress toward your goals, these apps also let you link your various financial accounts like checking, savings, credit cards and investments.

And make a holiday-specific budget
“Start planning your holiday budget now to avoid going into debt,” says R.J. Weiss, founder of The Ways to Wealth. Begin by reviewing last year's holiday spending to estimate how much you'll need. Then, divide that amount by the months until December to determine your monthly savings goal. “For example, if you typically spend an extra $800 during the holidays and there are four months until December, start setting aside $200 per month,” says Weiss. The earlier you start, the better prepared you'll likely be.

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