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Smart money moves you should be making this fall

The time between Labor Day and Thanksgiving is the perfect time to make a few financial adjustments that can be very rewarding. Knowing the money moves to consider is important and starts with answering four basic questions.
What are the money moves to consider now that fall is almost here?
There are four questions that are important to answer. Is now a good time to make a needed purchase? Can you find ways to save money by giving? Can you invest and save more money? What health care options should you consider?
Surprisingly your first suggestion involves spending?
Sometimes, it is about when you spend that it is important. For example, fall is a good time to purchase outdoor furniture, grills, lawnmowers and other products that are seasonal. After Labor Day is usually when the savings and selections are the best. Do spend wisely though and buy just want you need, don’t overbuy on quantity just because it less expensive.
Are there any non-seasonal purchases that should be considered?
One of the bigger ones this fall could be if you are in the market for a new car.  If you are okay with the prior year model, you could see significant savings and factory rebates as auto makers are looking to make way for the 2018 model year cars. This isn’t true across all makes and models so shop diligently for those models that are being given extra incentives to move inventory.
Are there any activities to help us save money that we should be doing now?
Yes, now is a good time to start thinking about donations of all that stuff that is just taking up space in your house or even storage unit. If you itemize for your taxes, this might help you lower your tax burden. The savings could be significant if you have a lot to give. And, if you haven’t made any cash donations yet, now is a great time to make those contributions to your favorite charity.
What else can we do to save on taxes?
Review your 401k, 529 plan and Health Savings Account contributions and be certain you are going to reach the maximum allowed for the year.  All three of these have potential tax savings involved and you don’t want to underfund them if at all possible.  Starting provides ample time to make catch-up contributions and not impact your monthly budget significantly.
Why is a health insurance review important now?
If you and/or your family have reached your deductible and/or out of pocket limit, you might want to schedule any needed medical procedures before the end of year to save on the out of pocket costs. Doctor’s offices and surgery centers are usually more available prior to December. It is always important that you understand your coverage and what your financial commitment will be before moving forward.
The financial impact from doing all of these sounds like it could be significant?
The money saved can be from a few hundred dollars to a few thousand dollars depending how many of these you actually complete. It also important to note that some benefits extend beyond this year making these activities even more rewarding.

Posted: 8/31/2017 with 0 comments

Categories: Buying a Car, Investments, Money Matters, Retirement, Spending

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