The end of the year is fast approaching. October is the ideal time to take stock of your finances and make meaningful adjustments before the new year. Before you get into the busy holiday season, here are five money moves you should prioritize now.
1. Review Your Spending
October is a great time to examine how you spent your money. This way, you can adjust before holiday shopping begins and have a plan going into next year. Review your transactions from January through September. If you’ve created a budget, note areas where you got off track as well as recurring or one-off expenses that you can reduce. Find ways to reduce mindless spending and pay off debt. Consider how much you can realistically spend during the holidays to stay on track and what adjustments you should make going into the new year.
2. Revisit Your Employee Benefits
For many employer-sponsored plans, open enrollment occurs in the fall, when you select benefits for the following calendar year. This is a great time to review your options and make sure you’re taking full advantage of what your company offers. In addition to deciding which health insurance plan is the best option, you should also assess other benefits such as life insurance, disability insurance, legal benefits, family planning support and more. Pay attention to any employer contributions, matches or free benefits and take advantage of everything available to you.
3. Look for Opportunities to Reduce Your Tax Bill
If you earned more money in 2026 than in previous years, are self-employed or receive equity compensation, it’s important to estimate how much you will owe in taxes. A large lump sum, like a bonus or severance payout from a layoff, could also impact your tax bill. Work with your tax advisor on tax planning and strategies before year-end to reduce your tax bill. This way, there are no surprises in April. If your tax advisor does not help you plan proactively, it may be time to hire a new one. Look for a professional with a Certified Public Accountant (CPA) or Enrolled Agent (EA) designation.
4. Assess Your Investment Strategy
Calculate your current retirement savings rate by dividing annual retirement contributions, including employer contributions, by gross income. One common guideline is to aim to save at least 15% of pretax income for retirement, although the appropriate percentage depends on your age, starting point and personal goals. If needed, prioritize emergency fund savings and high-interest debt. Review the various savings and investment accounts you’re contributing to and determine whether your investment portfolio aligns with your risk tolerance and long-term goals. Maintain a diversified portfolio to safeguard against market fluctuations and rebalance periodically.
5. Set New Goals
It’s never too late to adjust your financial goals so you can finish the year strong and go into the new year with a solid plan. Reflect on your priorities this year and assess where you are now. Identify your accomplishments, potential roadblocks and changes to your priorities. Create a new list of goals for the rest of the year and evaluate changes you can make going into next year. Make sure you have a way to track your progress. What gets measured gets managed! Also, brainstorm small, achievable tasks that can help you build a system of good habits.
As we enter fall, it’s easy to get swayed by all the marketing pushes that come our way. We may give too much mental space to hosting Thanksgiving, buying gifts or planning holiday vacations. Prioritizing your finances now, with January in mind, can give you a fresh perspective on the new year and possibly help break bad habits from past years. Don’t wait for a stressful event like a job loss or unexpected bill to trigger your financial planning. A CERTIFIED FINANCIAL PLANNER® professional can help you get ahead now with a proactive versus reactive mindset.
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