September may be your last-ditch effort to get your finances in order before the holidays arrive.
Alok Deshpande of Smartpath Financial says, “Now you need to kind of recommit to the fact of okay, how much are we bringing in every month, how much are we allowed to spend every month.”
Financial experts say now that kids are back at school and you’re no longer spending money on camps and vacations, it’s a great time to set a baseline for the rest of the year.
“Doing that in September is a lot easier,” Deshpande says, “Because you know there is much more of a rhythm to your life that’s pretty consistent.”
So here are three tips to get your finances in order and savings in high gear.
Number one: Get motivated to stick to your budget by thinking of your future self. Experts say if you connect with the person you want to be ten years from now, you’re more likely to make better financial choices.
Number two: Go on autopilot. Put money away in your savings account or 401k before you get your greedy hands on it.
And finally: It may feel far away, but Thanksgiving and other holidays are upon us, so start making a list and buying gifts.
Deshpande advises, “The sooner you can get them the better. And pace your way into the holidays, instead of it being one time where you’re swiping the credit card all of the time.”