September Financial Checklist: Prepare for Year End
September is the perfect time to reset your finances and prepare for the busy months ahead. While many people think of January as the time for financial resolutions, the fall is just as important for organizing your finances, reviewing your portfolio, planning for year-end expenses, and making sure your protection and coverage are up to date. So, lets jump into our September financial checklist to help you stay on track and finish the year strong.
First, get organized and review your overall financial picture. If you haven’t already, automate your finances so you can view your net worth in one place. Start by pulling updated balances for your checking, savings, investment accounts, retirement accounts, and debts. Think of it as a financial “snapshot.” Make sure beneficiaries and account titles are listed and accurate—sometimes changes may be necessary.
Next, with the holidays around the corner, it’s important to plan ahead for upcoming spending and any big purchases between now and year end. For example, items like travel, gifts, charity, property taxes, and insurance premiums can all sneak up quickly. Identify your needs and liabilities and create a bucketing strategy to prepare for these various buckets and goals.
Don’t wait until December to think about taxes. Believe it or not, fall is the best time to do your tax planning. Review your withholdings and estimated payments now to avoid surprises in April. It’s also a good time to check in on retirement contributions YTD and identify charitable giving options, such as donor-advised funds. A little planning in September can make year-end much smoother.
Most employers open benefits enrollment in the fall. Reach out to HR to confirm and take time to review your health insurance, retirement plan contributions and fund line up, and any other benefits that are available to you. If you’ve had life changes this year such as marriage, children, buying a home—make sure your elections reflect your current situation.
September is also Life Insurance Awareness Month, so it’s the perfect reminder to check your coverage. Review your life, disability, home, auto, and umbrella insurance policies. If you’ve had major life changes this year, you may need to update your coverage. Run an analysis and shop around for updated rates and quotes that may better suit your needs. While these are just a few financial planning items worth thinking about this fall, its important to put your financial plan and progress on the back burner. This time of year presents many opportunities to make valuable financial strides before year end. If you have any questions on your specific financial plan or life, email info@shermanwealth.com or schedule a complimentary intro call here.