Back-to-School Financial Planning: What to Think About This Fall

ByAshley Hours Categories Financial Planning

As we turn the corner to September and back-to-school routines kick in, a great opportunity arises to not only ‘reset’ your day to day but also get your financial house in order. It’s not just the start of a new school year — it’s also a great time to pause, take stock, and make sure your financial plan is on track to help you reach your year end goals. So, let’s review some financial items to get you thinking about your finances and year end prep.


A solid place to start is by reviewing your spending. Review, reset, and adjust your budget for the fall. Summer often brings extra or different expenses, for example, vacations, camps, activities, eating out more, items that can throw your budget off track. As you tally things up, identify any deficits or surpluses and create a strategy to get back on track by year-end. At the same time, prepare for fall by factoring in back-to-school costs like tuition, after school activities, child care, holiday travel, clothing and school supplies. By reviewing summer, planning for fall, and realigning now, you’ll set yourself up for a smoother financial finish to the year

As we near the final quarter, check in on your emergency fund. Is your emergency fund sufficient for your needs? Is it time to replenish after larger than expected expenses or emergencies? Also, is your cash working for you? While interest rates remain high, ensure you are maximizing your dollars in high yielding solutions.

Another topic that is oftentimes overlooked is open enrollment. Fall is when many employers roll out open enrollment for benefits. So, reach out to your HR department and make sure you’re:

  • Maximizing retirement plan contributions and taking advantage of company matches
  • Reviewing health insurance options and analyzing any necessary changes needed
  • Checking life and disability insurance coverage options

If you’ve had any major life changes (marriage, another child, relocation, new job), this may be especially timely for you. Also, while you’re reviewing your workplace benefits, revisit your beneficiary designations to ensure they still align with your estate plan or wishes.

Next, it’s time to think taxes. While you may be thinking you are done with your taxes until next spring, the fall is actually the best time to do your tax planning and check ins. Don’t wait until December to think about taxes. Use the fall months to prepare, for example, reach out to your CPA or tax professional to run projections for 2025 liabilities, seek charitable giving opportunities, or make adjustments to your withholdings to maximize retirement. Preparing now can help you out in April.

We’re heading into the final stretch of 2025 so ask yourself the question: “Am I on track to hit the goals I set in January?” While these are just a few financial planning topics to get you thinking about year end preparation, take this back-to-school reset mindset and check in on your financial life and set yourself up for a strong 2025. If you have any questions or are ready for your fall financial planning check-up, email info@shermanwealth.com or schedule a complimentary intro call here.