Even as an adult, that back-to-school energy can make you want to buy a fresh notebook and get organized. So why not embrace it?
The last few months of the year are often some of the busiest, so now is a perfect time to get prepared and check off some important tasks before your schedule gets too overloaded.
Financial Fall Checklist: Prepare for upcoming expenses
For many people, the last quarter of the year means sporting events, travel and holiday shopping. There can be a lot of expenses in a short period of time, and it’s easy to get carried away.
Use the time now to look ahead at upcoming expenses, set a budget, and look into deals if you can.
If you plan on traveling, set alerts now to get the best deal on flights and hotel costs. Sites like Kayak and Google Flights that will help you watch current rates and determine when to buy. (Just make sure you read the fine print before booking; some third party sites don’t allow you to change or cancel your plans once you’ve booked.)
You can also start to make a list of any big-ticket gifts or items you plan to buy this year, so you can keep an eye out for deals.
Thanksgiving falls a bit later this year, leaving only 27 days between Thanksgiving and Christmas. The last time that happened was in 2019, and retailers responded by starting their Black Friday and holiday sales early. That will likely be the case this year, too, so if you’re planning on shopping any holiday sales, start looking earlier in November.
Get Organized
Open enrollment, tax prep and end-of-the-year deadlines can be overwhelming, but they don’t have to be if you get an early start.
Create an organizational system that your future self will thank you for. Find spaces for important documents, receipts and forms, so you know exactly where they’ll be when you need them. For digital clutter, you can save and sort important emails, get rid of documents that you don’t need, and create an organization system for anything you’ve saved or might need as the year wraps up.
Gather and organize the paperwork, digital files or login information you would need to complete those tasks. Many times, hunting down one missing file or document can be the thing that derails you, so get prepared ahead of time so you don’t lose steam.
Make a list of the tasks you can accomplish now, like reviewing your benefits before open enrollment, checking up on your credit, updating your estate plan or planning an end-of-the-year budget.
Reduce your tax bill
If you want to reduce your tax bill, there are some moves you can make now to help you out in April. Check these tasks off your list by Dec. 31st to save money on taxes:
- Donate to charity
- Contribute to pre-tax accounts like a Health Savings Account (HSA) or 401(k)
- In your brokerage account, sell your losses to offset capital gains, and cut down on your tax liability.
- Pay estimated taxes on any big bonuses or buyouts
Finish out the year strong with a fall financial checklist
You still have time to make progress on your goals and healthy financial habits before the end of the year. For more ideas about managing your end-of-the-year checklist, check out these posts:
How to Prepare for Open Enrollment
Organizing Your Fall Finances
The Year End Financial Data You Need
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes you too should have access to financial resources and fee-only financial planning. For more information on the services offered, contact Katie today.
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