Money Pitfalls to Avoid This Fall

1. Waiting to lock in a price for your heating needs

For those who use propane or wood to heat their home, prices usually climb during the winter season. It’s risky to put it off so stock up now before you run low. Price hikes could eat into your budget at a higher rate than you had planned, causing unnecessary financial strain.

2. Paying for fall fix-ups with a high-cost credit card

If improvements are on the horizon, plan ahead. Instead of diving for your credit card to pay for those improvements, talk to us about obtaining a home equity line of credit. There’s no cost to keep an unused line available. When you do use it, the rate is typically lower than other ways to borrow, and interest can be tax-deductible (check with your tax professional).

3. Neglecting to max out your 401(k)

If your retirement savings plan has an employer match, check with your HR manager to see if you’ll qualify for the maximum in matching funds by year-end. If your employer does not offer a plan, you might consider a Traditional or Roth IRA from us. Call 707-443-8662 to learn more.

4. Postponing winter preparations

Let’s say you know you’ll need new tires or some extra cash for holiday gifts. If you plan now, you might be able to come up with the money. Start now by stashing $80 or $100 in your savings account every two weeks. Instead of going out to eat, prepare a meal at home and use the money you would have spent to fund your savings account. Another option is to apply for our low-rate credit card. It can be used in addition to your savings and might give you a handy way to track holiday spending.

As we know, winter will arrive before we know it. Fall is a great time to make plans—and we’re ready to help.

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