The best money moves for autumn

As temperatures drop, wallets often open: Rising heating costs, holiday shopping expenses and travel for the holidays are just a few of the drains that start hitting our budgets this time of year. There’s also limited time left to take advantage of flexible-spending dollars and 2014 deadlines for retirement savings. We turned to financial experts to get their advice on how to prep your bank account for fall; here are their top tips:

Give yourself a financial checkup. Personal finance columnist Liz Pulliam Weston says fall is the perfect time for a tuneup, since there’s still time to take action before the end of the year. “I’d start by figuring out just where your money has gone in recent months. Mint.com makes that easy, or you can review a few months’ worth of bank and credit card statements and add things up with a calculator,” she says.

Weston suggests looking for areas of overspending, as well as opportunities to change health care plans during fall’s open enrollment period. “If you’re not spending much, you could consider a higher-deductible plan. If you’re spending a lot, perhaps an HMO plan might be a better fit if you can stay in the network,” she says.

[Read: How to Measure Your Financial Literacy .]

Get on top of flexible-spending accounts. Open enrollment time also gives employees an opportunity to revisit their flexible-spending plans and other optional benefits, says Manisha Thakor, founder and CEO of MoneyZen Wealth Management in Santa Fe, New Mexico. If you underestimated your 2014 health care costs, you might want to consider putting more into the flex account for next year. Just be sure to spend down the money that’s set aside to avoid losing it.

Check up on your life and disability insurance coverage, too. “Unfortunately, insurance is for those ‘what-if’ moments that we don’t like to think about, and it doesn’t exactly make for exciting, motivating conversation, but think of it more as protecting those who love and depend on you. When is the last time you looked at your disability coverage? Do you have any? What about even a term life plan outside of your employer’s plan?” says Carmen Wong Ulrich, money expert and author of “The Real Cost of Living.” Since employer-provided coverage doesn’t stick with you if you move or lose your job, it’s important to double-check that you have enough outside coverage, too, she adds.

Prep for performance reviews. Many employees get a review at the end of the year, so now is the time to start considering what accomplishments you can emphasize to your supervisor, says Laura Vanderkam, author of “All the Money in the World.” “As you’re thinking of that, start asking yourself what you’d like to say in next year’s review. What are your big professional goals? How can you make those happen?” she adds. Coming up with a specific plan you can work toward will increase the chances of landing a raise or promotion next year, she says.

[Read: How Modern Families Struggle With Finances .]

Get ready for the holidays. Writer and stay-at-home mom Emily Harris says, “Do all your holiday shopping now to avoid last-minute panic, which almost always leads to spending more than planned.” Spreading out purchases also makes it easier to pay off any credit card debt each month, instead of waiting for a massive December bill.

Thakor suggests setting a specific dollar amount now that you plan to spend on the holidays. “I recommend going narrow and deep, with great gifts for a few close loved ones, or wide and shallow, with less pricey gifts for more folks in your life,” she says. Too many people make the classic mistake of going both deep and wide and spending a lot on many people. “By setting your overarching strategy and a total dollar amount before the holiday season kicks in, you’ll be in a better position to make informed, rational decisions for your household,” she says.

Funnel more money into retirement accounts. “Regardless of what else is happening in your financial world, you need to be putting money into those retirement accounts,” Weston says. You can contribute up to $17,500 to your 401(k) in 2014; for those 50 or older, the limit is $23,000. (You can contribute up to the 2014 limit until April 15, 2015.)

[See: 10 Ways to Cut Your Costs This Week .]

With those financial tasks taken care of, you can sit back and enjoy the season: pumpkin- picking, apple cider and pies are just around the corner.

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The Best Money Moves for Autumn originally appeared on usnews.com

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