RALEIGH, N.C. — Fall can be a time to help you get back on track financially, especially if you want to prepare for the holidays or get out of a financial hole you may have gotten yourself into over the summer.

Financial adviser Austin Kobilka says typically people set financial goals at the start of the year and never revisit them.

“Our spending habits tend to shift with the seasons, so many people find it helpful to do a quarterly check-in every spring, summer, fall and winter," he said.

"Fall is a great time to review your finances because some money-saving strategies must be done before the end of the year, and you don’t want to be scrambling at the last minute,” Kobilka said.

Kobilka says one of the items to add to your fall financial checklist is to consider rebalancing your portfolio to ensure your investments match your risk tolerance and align with your goals. Interest rate changes can affect investments such as bonds, certificates of deposit and Treasury bills, he said.

Other money moves to consider this fall include increasing your contributions, reviewing your benefits and saving for the holidays.

“Think about increasing your retirement savings to try to maximize your accounts. You can contribute up to $23,000 in your 401(K) this year and up to $7,000 in your IRA. Those age 50 and older can add an extra $7,500 to their 401(K) and an additional $1,000 to an IRA,” Kobilka said.

Kobilka says making contributions to a traditional 401(K) or IRA before the end of the year will reduce your taxable income for 2024.