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A fall financial cleanse could get your spending back on track

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If summer is a season of spontaneity and indulgence, then fall offers a counterpoint: It’s a chance to get back on schedule, and back on budget.

“Summer, with travel and no school, tends to be a really spendy time. The fall is a nice reset,” says Ashley Feinstein Gerstley, a certified financial planner and author of “The 30-Day Money Cleanse.”

Gerstley says giving yourself a “money cleanse” offers a chance to carefully go over your spending and financial habits so you can make any necessary changes to end the year strong. With inflation and economic uncertainty in the background, that’s no easy task, but putting in the extra effort now can pay off. In Kimberly Palmer’s latest for the Seattle Times, learn a step-by-step guide to a fall financial cleanse that could help get your budget on track for the rest of the year.

This week’s money news

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This week’s top story:  3 ways to reduce taxes on Social Security. In other news: How one driver cut her auto insurance costs by almost 40%, how to budget with a fluctuating income, and divorce after 60 and health benefits.

3 Ways to Reduce Taxes on Social Security
There are a few ways to reduce that tax bite, however, especially if you can plan ahead.

How One Driver Cut Her Auto Insurance Costs by Almost 40%
Auto insurance rates are on the rise. Here’s what you can do to lower yours.

How to Budget With a Fluctuating Income
If you have irregular income, it’s important to track your spending and create a budget so that you can plan ahead.

Divorce After 60: What Happens to Your Health Benefits?
From COBRA to Medicare, here are the questions to ask about health care coverage after a later-in-life divorce.

This week’s money news

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This week’s top story:  September mortgage rates forecast. In other news: Striking writer, 7 balance transfer credit card mistakes, and how to avoid them, and stock market outlook: September 2023.

September Mortgage Rates Forecast: Not Yet at the Top
Mortgage rates might rise in September, for the fifth month in a row, because of uncertainty about what the Federal Reserve will do in coming months.

Striking Writer: ‘This Fight Is a Fight That Is Deep’
A late night TV writer spells out what’s at stake in the ongoing WGA strike.

7 Balance Transfer Credit Card Mistakes, and How to Avoid Them
Balance transfer credit cards can be helpful tools for zapping debt, but they aren’t a cure-all and require you to avoid certain pitfalls.

Stock Market Outlook: September 2023
Student loan payments restart in October. Also, new weight-loss drugs could boost some stocks.

How to get comfortable with taking smart financial risks

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Making money, whether by putting cash into the stock market, buying a home or jumping to a better-paying job, requires some degree of risk. While embracing any of those moves might feel as scary as skydiving off a cliff, there are times when a little risk makes financial sense.

“In certain scenarios, not taking enough risk is actually a bigger risk,” says Liz Davidson, CEO and founder of Financial Finesse, which provides workplace financial wellness programs as an employer benefit.

Davidson and other financial experts also caution against being overly risky with your finances. How to find the right level of financial risk for you is highly personal; there’s no formula that can tell you whether or not to buy that house or take that new job. But there are ways to get more comfortable with risk when you know that taking the less comfortable path is the right decision for you. In Kimberly Palmer’s latest for the Washington Post, learn how to get comfortable with taking smart financial risks.

This week’s money news

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This week’s top story: Steps to do before the redesigned 2024 FAFSA launches in December. In other news: 3 ways to stretch your dollar on a European vacation in 2023, the best time to book holiday travel is very soon, and housing shortage can’t be fixed with polite nudges, pocket change.

Do This Before the Redesigned 2024 FAFSA Launches in December
Here are steps you can take now to make sure you’re ready to go when the new FAFSA is released in December.

3 Ways to Stretch Your Dollar on a European Vacation in 2023
Avoid tourist hotspots and travel offseason to save. You could even get some cash back on delayed flights.

The Best Time to Book Holiday Travel Is Very Soon
Book this year’s Thanksgiving flights ASAP, and consider booking end-of-the-year fares by mid-October for the best prices.

Housing Shortage Can’t Be Fixed With Polite Nudges, Pocket Change
The federal government is skirting the housing shortage timidly instead of tackling it boldly.

Create a care plan for older parents (or yourself)

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At some point, most older people will need help getting through the day. Someone turning 65 today has a 70% chance of eventually requiring assistance with basic living activities, such as bathing, dressing and using the toilet, according to the U.S. Department of Health and Human Services.

That’s the grim reality. Even grimmer is that Medicare typically doesn’t pay for such help. Plus, families often don’t try to figure out how to provide this care until there is a health crisis, which can lead to unnecessary stress, conflicts and escalating costs, says certified financial planner and physician Carolyn McClanahan of Life Planning Partners in Jacksonville, Florida.

Making a care plan well in advance allows families to get organized, locate appropriate resources and figure out ways to pay for care before a crisis hits. In my latest for ABC News, learn how to create a care plan for older parents or yourself.