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Five Fall Financial To-Dos

five fall financial to-dos pumpkin theme.jpg

Don't wait, the holidays will soon be upon you! 

Fall is full of people's favorite seasonal activities like pumpkin carving, apple picking, trick-or-treating and not to mention drinking pumpkin spice lattes! Since fall leads us into the holidays, it is good to have your finances in order for when holiday shopping is at full speed. Here are 5 things you should put on your financial to-do list. 

1. Strategize Student Loan Repayments

Students who graduated in the spring are now facing the end of their 6 month grace period. If they don't know their options, they should start exploring repayment strategies that will fit best with their lifestyle.

  • Federal Loans: income-based repayment plans can cap your monthly payments based on your salary
  • Public Service Loan Forgiveness Program: teachers, government employees and nonprofit employees may qualify after making eligible payments for 10 years

  • Private Loans: lenders such as Wells Fargo and Discover are now offering relief to struggling borrowers

2. File Your Extended Tax Returns

Perhaps you received an extension to filing your tax returns. According to the IRS, "13 million people with extensions had yet to file as of late September." There are now new ways to file.

3. Decide to Keep or Convert Your Roth IRA

In 2014, people convert their traditional IRAs into Roth IRAs. By doing so, people might have moved into a higher tax bracket and received a higher tax bill than previous times. Because of this, they may be rethinking the Roth IRAs benefits and decide to convert back to traditional IRAs.

  • "Someone might have paid taxes on $50,000 of savings last year only to have the value of the portfolio fall to $40,000 this year. By reversing back to a traditional IRA, that person can get a refund on the taxes they paid," said accountant Ken Rubin.

4. Start Savvy Holiday Shopping

Deals are beginning to pop up everywhere as Black Friday nears, but what experts are finding is that waiting could save you more money in the long run.

  • Hold off on buying apparel, electronics and toys until after Thanksgiving. Sales for these objects tend to be better midway through the holidays.

  • Instead, create a separate account where you can store away money. Let it build until the sales are at their prime. This will deter you purchasing beyond the amount you save or impulse buying!

5. Create Your Holiday Health Plan

If you plan to make a change in your health insurance, start prepping now by gathering the right paperwork.

  • Enrollment for HealthCare.gov will begin in late November 1st. First timers applying for coverage will need to collect W-2 forms and pay stubs to estimate their incomes.

    Follow these 5 simply tips and you'll be on your way to having a great time this holiday!

    We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

    Source: The Washington Post | Finance

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