Prepare For Spooky Season By Getting Your Finances In Order — Here Are 9 Ways To Make Sure It's Not Too Scary
Fall is a season of change. As summer comes to a close, our schedules shift, leaves turn color, and the air finds a new crispness. We dress differently, watch different movies, decorate our homes for a fresh season, and even switch up our beverages (*summons all things pumpkin spice*).
Columbia Pictures / Via giphy.com
So in this season of inevitable change, I decided to shake up one very important aspect of life — my finances! These nine steps are helping me get my money management back on track for the final months of 2022:
CBC / Pop Media / Via tenor.com
How are we in September already?
1.Sift through your monthly subscriptions and cancel the ones you don't use or aren't worth your while.
Warner Bros. Pictures / Via tenor.com
These days, there are subscriptions for just about everything. Whether you subscribe to streaming platforms, a useful app on your phone, or a membership at a local gym (no shame if it's all three!), these services can rack up quite a bit of money when you total your annual spending.
This isn't necessarily a bad thing. If you're enjoying those monthly yoga classes or living for House of the Dragon on HBO Max, then you are making use of the money spent! However, for those subscriptions that you rarely take advantage of — or have forgotten about completely — consider actually revoking that membership.
2.Set aside an hour to restructure your budget. For many of us, important factors in our lives have changed since we last opened that budgeting doc. A fresh budget means a fresh look at your finances.
ABC / Via tenor.com
Since last adjusting your budget, perhaps you have experienced a change in income, living situation, or amount of debt owed. I tend to get very stoked about the budget that I create, track my spending for a couple of weeks, and then let things fall to the wayside.
Fortunately, it's never too late to revise your budget and start fresh. There are plenty of tools out there that can help you monitor your spending and saving habits, and help make managing your money a whole lot easier. Setting aside even 30 minutes to review your budget can be a game changer. I updated my income, adjusted my spending categories, and upped my savings goals!
3.And start budgeting for the holidays. They are just around the corner!
The CW / Via tenor.com
Yes, we're just approaching spooky season, but before we know it, the holidays will be upon us. This can be a stressful time of year for many. These celebrations often go hand in hand with major purchases, such as airfare and travel, gifts, or supplies for hosting.
To eliminate this severe seasonal anxiety, start saving now. Last year, BuzzFeed asked members of the community to share what worked for them in budgeting for the holidays, and their tips were super insightful!
4.Take the time to review your debt situation. With the new student loan forgiveness plan passed, it's the perfect time to get a clearer picture of what you still owe.
Disney / Via tenor.com
Last month, President Joe Biden announced that Americans making less than $125,000 per year will have $10,000 forgiven from their student loans. In addition, it was announced that interest will begin accruing on loans after Dec. 31. With these changes coming down the pike, there is no better time to assess the status of your loans.
Do you know your current balance? Are you prepared to begin making payments again if you paused? If your student loans are almost paid off, how will you invest the money you've been allocating toward these payments moving forward? Figuring these answers out now can help you be successful in the new year.
5.Search for more affordable options for recurring bills such as cellphone plans or car insurance.
Buena Vista Pictures / Via giphy.com
This one takes a little bit of time and effort, but it can be well worth your while. The fact of the matter is that there are a million different payment options when it comes to monthly expenses.
To kick-start this research, choose one bill that you'd like to see lowered and explore your options. Many companies offer bundled rates for things like car and renters insurance. This can be a way to lower the amount that you're paying and save a little bit of money each month.
6.Check your credit reports! It might sound spooky, but it's a great practice for knowing your standing. Your creditworthiness affects your ability to be approved for loans, apartments, and other important stuff.
Warner Bros. Pictures / Via tenor.com
It's possible to have multiple credit scores, but it's generally your FICO score that impacts loan approval. Before you apply for a new credit card or plan to purchase a new car or new house, it's imperative to check your credit reports. Checking them on your own won't affect your score!
It's also good practice to know the reasons that your score fluctuates. Factors like missing a payment or keeping a high credit card balance can seriously impact your credit. Plus, keeping tabs on your score can help you spot fraud or error. By catching and reporting these things early, you can help protect your finances.
7.Look for hidden perks with your credit card, insurance, etc. You could be eligible for discounts that you didn't even know were available!
NBC / Via tenor.com
If you're not taking advantage of credit card rewards, you are missing out. BuzzFeed just spoke with Chris Hutchins, a credit card rewards-points guru, who flies all over the world for free from these points alone. Hutchins offered some advice on maximizing these benefits — such as finding a credit card that specifically rewards you for your biggest spending category, and opting for a card that earns points for each dollar spent.
You can also take a deep dive into your health insurance plan to check out perks you probably didn't know existed. These perks can include telehealth services and discounts on medical supplies and gym memberships.
8.Put your money into a high-yield savings account if it isn't already in one. Interest rates are higher than they've been in years, so now is the time to make this change and reap the benefits!
Buena Vista Pictures / Via giphy.com
These types of savings accounts allow you to earn more bang for your buck. Essentially, they offer higher interest rates that accrue more money over time. Firstly, you will want to know what your current bank is paying you to bank with them. Then take a look at rates offered by online banks — like Ally Bank or Marcus by Goldman Sachs — to compare their offered annual percentage yield.
Understanding the APY of a savings account means understanding how much money you can earn by having your money simply sitting there!
9.Out with the old and in with the new. Purge things that you don't need and, if an item is something with value, earn a little extra cash by selling it.
Peanuts / CBS / Via tenor.com
Who says spring is the only season you can clean out your closet? Personally, I love doing a mass exodus of old things at the start of fall. As I unearth my sweaters, there is no better time to clear out things I don't use.
While you probably won't be able to sell everything you part with, some things can be well worth it to re-home. Clothing in good condition, electronics, and furniture are things that can earn you extra cash through resale.
