Fall is a season of change, and it is also a great time to give your finances a checkup.
As we head into the final quarter of the year, holiday spending, travel, year end expenses, and financial goals can quickly compete for your attention. Taking a little time now to review your budget, savings, debt, and financial tools can help you finish the year feeling more prepared and financially confident.
Here are four ways to improve your financial fitness this fall.
1. Fall Financial Fitness: Prepare Your Budget for the Final Quarter
Before the busy holiday season begins, take a fresh look at your monthly budget.
Start by reviewing where your money has been going over the past few months. Are there subscriptions you are no longer using? Have groceries, utilities, insurance, or other expenses increased? Are you still on track with the savings goals you set earlier in the year?
Your fall financial checkup can include:
• Reviewing monthly income and expenses
• Checking your emergency savings
• Reviewing outstanding debt
• Identifying unnecessary recurring expenses
• Setting a savings goal for the remainder of the year
• Reviewing your credit report and credit score
• Planning for holiday and year end expenses
Small adjustments now can make a meaningful difference by December.
2. Christmas Is Coming: Are you in the Christmas Club!?
Our Christmas Club allows you to stash away money all year long without even thinking about it! Then when the holidays come around those funds are automatically released to you on November 1st! If you missed out on setting this up earlier in the year let this be your sign to set it up NOW!
Not interested in the club? Ask us about rounding up your purchases and sending those funds to your savings!!
The holidays should be a time to celebrate, not a reason to start the new year worried about bills.
Before you begin shopping, decide what you can comfortably afford.
Create a holiday budget that accounts for more than gifts. Consider expenses such as:
• Gifts
• Travel
• Holiday meals
• Decorations
• Entertainment
• Charitable giving
• School and workplace events
Starting now means you can gradually prepare instead of relying heavily on credit cards at the last minute.
And remember, the perfect holiday does not require the perfect gift. Staying within your budget is one of the best gifts you can give your future self.
3. Digital Banking Made Simple: Manage Your Money From Anywhere
One of the easiest ways to improve your financial fitness is to make managing your money more convenient.
Digital and mobile banking tools can help you stay connected to your finances whether you are at home, at work, or on the go.
Depending on the services available with your account, digital banking can help you:
• Check account balances
• Review recent transactions
• Transfer money between accounts
• Monitor account activity
• Manage payments
• Access account information
• Stay more aware of your spending
Digital wallets can also provide a convenient way to make purchases using eligible cards from your mobile device.
The real benefit is visibility. When your financial information is readily available, it can be easier to catch unusual activity, understand your spending, and make informed financial decisions.
BeFit Financial is also continuing to enhance the online banking experience, so members should watch for information about upcoming improvements.
Need assistance? Consider scheduling a virtual banking appointment with the BeFit team.
4. Is It Time to Finance or Refinance Your Vehicle?
Your vehicle payment can represent a significant part of your monthly budget.
If you are thinking about purchasing a vehicle, financing through your credit union before visiting the dealership can help you understand your budget and financing options ahead of time.
Already have an auto loan somewhere else?
It may be worth reviewing your current loan.
Consider looking at:
• Your current interest rate
• Remaining loan balance
• Monthly payment
• Remaining loan term
• Available refinancing options
Depending on your individual circumstances and available terms, refinancing may provide an opportunity to reduce interest costs, change your monthly payment, or restructure your loan.
Before making a decision, compare the total cost of the existing loan with the proposed new loan rather than focusing only on the monthly payment.
Contact BeFit Financial to discuss current auto financing and refinancing options and determine whether making a change makes sense for your financial situation.
Your Fall Financial Fitness Challenge
Before September ends, choose at least three financial actions to complete.
Review your budget. Start your holiday savings. Check your auto loan. Explore digital banking. Review your financial goals.
You do not have to completely overhaul your finances in one day. Financial fitness is built through consistent habits and informed decisions.
Need a Financial Checkup?
BeFit Financial is here to help you prepare for the rest of the year and beyond.
Schedule a virtual banking appointment to discuss your banking or borrowing needs, or meet with BeFit’s financial advisor to discuss your longer term financial goals.
Get financially fit this fall and finish the year strong with BeFit Financial.
Befit Financial Federal Credit Union was established in 1957 formerly known as Kaiperm North Bay FCU. We are a full service, not-for-profit financial institution that gives all Healthcare professionals in the Solano, Napa, Sonoma, Marin, Contra Costa, Alameda, Yolo, Sacramento counties and their families an alternative to banks and the chance to own a share of their own financial institution. Profits earned by the credit union are returned directly to our members in the form of high share rates, low loan rates, and reduced or no fees for services.
All members of our Board of Directors are fellow credit union members who serve on a volunteer basis. They ensure that prudent operational policies are maintained and they work hard to establish the long-term direction of the credit union.
Your money is safe with us. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at federal and state-chartered credit unions nationwide. The NCUSIF — the strongest of all federal deposit insurance funds — insures each member’s deposits up to $250,000 with a separate $250,000 for IRA’s.
Certain products and services are subject to eligibility, approval, terms, conditions, and availability. Contact BeFit Financial for current product details and disclosures.