As the fall season kicks into gear, October is a great time to assess and refresh your financial wellness. With the holidays fast approaching and the new year just around the corner, taking action now can set you up for success as you head into 2025. Here are four steps you can take this month to ensure you’re in great shape financially.

1. Review Your Budget and Make Adjustments

The start of October is a perfect time to evaluate your spending and income for the year so far. With only three months left, it’s important to see where you stand in relation to your financial goals. Are you staying within your budget? Have there been any unexpected expenses or windfalls?

Action Step:

• Take a deep dive into your monthly expenses and income, using tools like apps or spreadsheets.

• Identify areas where you can cut back (e.g., subscriptions you don’t use or eating out).

• Reallocate those savings to holiday spending, end-of-year investments, or your emergency fund.

2. Plan Your Holiday Spending Early

The holiday season can be a financial pitfall for many, with last-minute spending often leading to debt or stress. By planning ahead, you can avoid overspending and keep your financial wellness intact.

Action Step:

• Make a list of who you’ll be buying gifts for and set a spending limit for each person.

• Research deals early to take advantage of sales before the holiday rush.

• Start saving now by setting aside a portion of each paycheck dedicated to holiday purchases.

3. Maximize Your Retirement Contributions

October is a great time to assess your retirement savings. If you haven’t maxed out your 401(k) or IRA contributions, now is the time to catch up. Many retirement plans allow you to contribute more if you’re behind, and boosting your retirement savings now can pay off in the long run.

Action Step:

• Check your contribution limits for 2024. For example, the 401(k) limit is $23,000 for those under 50 and $30,000 for those over 50.

• Increase your contributions if you’re able, even by a small percentage, to take advantage of employer matching and compound interest.

• Consult with a financial planner if you’re unsure about the best way to allocate your retirement savings.

4. Prepare for End-of-Year Taxes

The end of the year brings tax planning opportunities that can improve your financial situation. October is a good time to look at potential tax-saving strategies, such as harvesting losses, contributing to tax-advantaged accounts, or making charitable donations.

Action Step:

• Review your taxable investments to see if you can harvest any losses to offset gains.

• Consider charitable donations before the end of the year to reduce your taxable income.

• If you’re self-employed or have side income, set aside money for quarterly tax payments due in January, or estimate what you’ll owe to avoid surprises.

Conclusion

Taking these proactive steps in October can make a big difference in your financial wellness. By reviewing your budget, planning for holiday spending, maximizing retirement contributions, and preparing for taxes, you’ll set yourself up for a more financially secure year-end—and head into the new year with confidence.

By staying on top of these financial wellness tasks, you’re taking control of your money and your future. What’s your next financial move this fall?