Fall Expenses – Three Things To Save For Now

Summer is nearly upon us. So you must be thinking, why on earth are they writing about fall expenses? Well it turns out, that planning out your expenses is GREAT to do 3-6 months in advance. I know, I know, we are not all there, but I do love looking forward and doing what I can to prepare for my family budget! Of course, we are all different, but here are three fall expenses I plan to look at this month in preparation for fall.

Back To School

There are many additional costs for going back to school. School supplies and new clothes are things that come to mind, but there are so many “hidden” costs that I easily forget. I suppose they aren’t really hidden, but they do sneak up on me. This would include things like increased grocery bills for packing my kids’ lunches and activity fees. Many teachers and classrooms require us to purchase classroom supplies as well…think Kleenex or sanitizing wipes. Some schools have fees for playing sports or participating in clubs. Preparing for these extra things in advance will insure back to school costs are no big deal.

Halloween

This holiday is fun and festive, but it sure can cost you! If you attend parties or have a few children it can be an expensive endeavor. Costumes (and allllllll the accessories) that transform your children into their favorite characters can cost anywhere from $35-$200 these days. Attending parties, dishes to pass and Halloween candy add up as well. It will be even more if you throw a party or celebrate with tons of fun decorations.

Tax Planning

The fall is a great time of year to take a look at your finances and make sure you optimize your tax situation before the year is over. This could mean adjusting your retirement or tax deferred savings. I also take the opportunity to tuck away some extra cash. This comes in handy if I owe more money at tax time.

We are always happy to take a look at things for you and make recommendations to optimize your family’s tax planning.