October is Financial Planning Month, and it comes at the perfect time of year. Holidays are right around the corner, and while most of us are thinking about family, food, and gifts, it’s also a great chance to pause and make sure your financial plan is lined up before the year ends.
Here are five areas worth looking at:
1. Year-End Tax Moves
The end of the year is your last chance to make smart tax decisions. Think about maxing out retirement contributions, using tax-loss harvesting in your investment accounts, or making charitable gifts before December 31st. Business owners may also want to look at ways to shift income or expenses to help keep taxes as efficient as possible.
2. Holiday Spending
The holidays are fun, but they can also be expensive. Setting a spending plan now helps you avoid big credit card bills in January. It’s also a good time to double-check your emergency savings so that unexpected costs don’t derail your budget.
3. Retirement Contributions
Make sure you’re taking full advantage of your 401(k), IRA, or HSA before year-end. Even an extra contribution or two can add up over time. If you’re already retired, don’t forget to take your required minimum distribution (RMD) to avoid penalties.
4. Giving Back
This is the season for generosity. Beyond writing a check, there are ways to give that also make sense financially—like donating appreciated stock, setting up a donor-advised fund*, or making qualified charitable distributions from an IRA if you’re over 70½. These strategies can increase your impact and help reduce taxes at the same time.
5. Looking Ahead to 2026
Finally, take a step back and ask yourself: Did I make progress on my 2025 goals? Whether it’s paying off debt, saving for college, or staying on track for retirement, October is a great time to adjust your plan and set new goals for 2026 before the busy holiday season kicks in.
Bottom line: A little planning now can save money, reduce stress, and put you in a stronger position going into the new year.
*Generally, a donor advised fund is a separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor’s representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account. Donors take a tax deduction for all contributions at the time they are made, even though the money may not be dispersed to a charity until much later.
