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Don’t Fall Short This Winter | The First National Bank Blog

September 23rd, 2014

rakeAutumn is just beginning, but it’s not too early to start thinking about the end of the year. There are a number of financial tasks you can take care of now before the winter holidays take over. 

Weatherproof your home

Why include weather-stripping windows on a financial to-do list? Because not winterizing your home allows money to literally fly out the window via higher heating costs. In addition, repairing damage from burst pipes can be mind bogglingly expensive. Fall is the right time to get your house in order by adding insulation, weather sealing windows or installing storm windows, and prepping the chimney. Heading for warmer climes this winter? Shut off your home’s water supply and drain the plumbing system to avoid leaks and burst pipes that can run into big bucks.

Start thinking about the holidays

“But it’s not even Halloween yet!” We hear you, but why wait? Look for holiday bargains early to avoid pricey, eleventh-hour impulse buys. If appliances are on your gift list, look for great deals on energy efficient models that save money all year round.

Don’t spend 2015 paying for 2014’s gifts. Start a Holiday Club account at The First.

Contribute to your IRA

This is especially important for people who are nearing retirement age. While it’s best to make the maximum IRA contribution in early January, you can still put money in before the years’ end. If you’re age 50 or older, you can even contribute an extra $1000 to your IRA in 2014.

Make tax time less taxing

Start gathering receipts and other paperwork you’ll need to prepare your income taxes. Documentation for things like car registration, business expenses and home improvements can get lost during the course of the year, so make sure you’re not searching for it on April 14. 

‘Tis the season

Fall offers the perfect opportunity to get a jump on tasks you need to do before the year comes to a close. And starting now will leave you with more time to spend with family and friends during the holidays!

How do you prepare for winter or the end of the financial year? Let us know in the comments below.