10 Financial Moves It Pays to Make This Fall

When we think of fall, we tend to focus on leaf-peeping and everything pumpkin. But actually, now's a good time of the year to focus on your finances. Here are 10 key moves to tackle as we enter the final months of 2021.

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The pandemic has taught us how important it is to have money in the bank for unforeseen expenses. If you don't have at least three months' worth of essential living expenses in savings, try your best to boost your cash reserves before the end of the year. Having money in the bank will also put you in a better position to ride out a stock market crash.

ALSO READ: 3 Simple Steps to Accelerate Wealth Building

Carrying a balance on your credit cards? If you want it gone by the time 2021 wraps up, now's the time to tackle it. Consider picking up a side hustle to earn more money so you can chip away at that balance.

Right now, mortgage rates are sitting at attractive levels, but we don't know whether they'll hold steady or climb as 2021 comes to a close and 2022 kicks off. If you think you can lower the interest rate on your mortgage by about 1% or more, then it pays to shop around for refinance offers and see what you're eligible for.

Your goal should be to close out the year having put as much money as possible into your IRA or 401(k) plan. If you're not close to maxing out your account or reaching your personal savings goal, then now's the time to start eking out more money for your long-term savings.

ALSO READ: 5 Smart Moves to Make in Times of Financial Anxiety

If you're eligible to participate in a health savings account, don't pass up that opportunity. HSA funds never expire, and the more money you contribute this year, the more tax savings you'll reap.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

During the fall, companies commonly give employees a chance to sign up for workplace benefits like flexible spending accounts. FSAs come in two varieties -- healthcare and dependent care. Take some time to estimate your needs for the upcoming year in both categories so you know how much money to allocate to your FSA.

You may have some underperforming stocks taking up space in your portfolio. Now may be a good time to sell them. That way, you'll see what your loss entails and you'll put yourself in a good position to use it strategically. That could mean choosing to sell other investments at a profit knowing you can offset your capital gains.

ALSO READ: 3 Ways to Save an Extra $1,000 Before the End of the Year

Having a well-balanced, diverse portfolio can put you in a strong position to grow wealth and get through stock market downturns unscathed. Now's a good time to assess your holdings and make sure your portfolio is nicely balanced. If not, you may need to shift investments around to avoid being overloaded in a single market segment.

If you're on Medicare, it pays to take advantage of open enrollment, which runs annually from Oct. 15 to Dec. 7. During this time, you can review your plan choices and make changes to your health coverage that could result in better care options and fewer out-of-pocket expenses.

Knowing how much money you stand to collect in Social Security will help you better plan for your senior years. Even if you're nowhere close to retirement, it pays to see what benefit you may be in line for, and you can do so by reviewing your latest Social Security earnings statement. If you're 60 or older, that statement should be available by mail, but if not, you can access it by creating an account on the Social Security Administration's website.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Eager as you may be to enjoy the cool, crisp weather, don't forget to give your finances the attention they deserve. If you tackle these moves now, you'll put yourself in a great position to end 2021 on a financially solid note.

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