Summer is winding down, school is back in session and the final few months of the year are suddenly in sight. It’s a great time for a little financial organization!

Taking care of a few simple tasks now can help you plan for upcoming expenses and head toward the end of the year feeling more prepared. Here are four places to start.

1. Start saving for the holidays.

Before you know it, the winter holidays will be here, so get ahead of them with a specific holiday savings fund.

Think about how much you expect to spend during the holidays your family celebrates, including gifts, food, travel, decorations and other seasonal expenses. Then, divide that amount by the number of paychecks you have left before you expect to spend it. Setting aside a smaller amount from each paycheck can make your holiday spending feel more manageable and reduce the temptation to rely on credit.

Consider keeping that money separate from your everyday savings with a Club Account. A dedicated account can make it easier to see how much you’ve saved — and how much you have left to go.

2. Make room for fall and winter expenses.

Back-to-school shopping may be over, but that doesn’t necessarily mean school-year spending is done.

Take a look at the next few months and consider expenses that may not be part of your usual monthly budget, such as:

• Field trips, fundraisers and school activities
• Sports, clubs and extracurricular activities
• Teacher appreciation gifts
• Birthday presents
• Seasonal clothing

Once you have an idea of what’s ahead, consider adding those expenses to your budget now. Even setting aside a little at a time can make an upcoming cost easier to handle when it arrives.

And this isn’t just a task for parents! It’s smart for everyone to look ahead at upcoming seasonal expenses and adjust your budget accordingly.

3. Organize important documents.

A little financial organization can save you time when you’re paying bills, reviewing accounts or preparing your taxes.

Choose a system that works for you, whether that’s a physical filing system, secure digital storage or a combination of the two. If paperwork tends to pile up, designate one place for incoming documents and set aside time regularly to sort through them.

Consider organizing documents such as:

• Tax returns and supporting records
• Account and credit card statements
• Loan and mortgage documents
• Receipts for major purchases or potential tax deductions
• Insurance documents
• Important personal records

How long you should keep a financial document depends on what it is and why you may need it. The IRS, for example, generally recommends keeping records that support income, deductions or credits until the applicable period of limitations for that tax return expires. In many common situations, that’s three years, although some records should be kept longer.¹

When you no longer need documents containing personal or financial information, don’t simply toss them in the trash. The FTC recommends shredding sensitive documents, such as ATM receipts and personalized credit card offers, before disposing of them.²

4. Review your credit reports.

Checking your credit reports regularly is another important part of financial organization.

Federal law entitles you to a free credit report every 12 months from each of the three nationwide credit bureaus: Equifax, Experian and TransUnion. The three bureaus have also permanently extended a program that lets consumers to check their reports online for free once a week through AnnualCreditReport.com.

Review your reports for information you don’t recognize or details that appear inaccurate, such as unfamiliar accounts, incorrect balances or accounts incorrectly reported as late. Regular reviews can help you identify potential errors or signs of identity theft sooner.

AnnualCreditReport.com is the only website authorized by federal law to provide the free annual credit reports you’re entitled to. Checking your own credit report does not affect your credit score. Learn more at FTC.gov.

A little financial organization goes a long way.

Building a holiday fund, preparing for upcoming expenses, sorting important documents and reviewing your credit reports are important financial organization tasks to tackle, but you don’t have to reorganize your entire financial life in one weekend. Start with one task, then move on to the next when you have time.

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Posted In: General | Savings