Your September Financial Checklist

ByAshley Hours Categories Family Finances

As we head into fall and summer vanishes, we want to discuss financial planning topics you should focus on over the next few months. Here’s a September Financial Checklist to help you manage and plan your finances effectively during this transition from summer to fall.

 Review Summer Spending

  • Assess summer expenses: Did you overspend on vacations, back-to-school shopping, or entertainment? Identify areas where you can cut back or adjust for the fall.
  • Adjust your budget: Modify your budget based on any spending patterns noticed during summer. Make sure you’re still on track with your savings goals between now and the end of the year.

Set Fall Goals

  • Plan for upcoming holidays: Halloween, Thanksgiving, and early preparations for December holidays can lead to increased spending. Set a budget now for holiday expenses.
  • Save for year-end expenses: Start setting aside money for year-end contributions like taxes, retirement contribution subsidizations, insurance premiums, or home maintenance costs.

Review Debt & Payments

  • Check credit card balances
  • Evaluate interest rates as rate cuts loom 
  • Settle back-to-school expenses

Plan Tax Strategy for Year-End

  • Review your tax withholdings: With three months left in the year, assess whether your tax withholdings are on track.
  • Consider tax-loss harvesting: If you have investment losses, now could be a good time to plan for tax benefits.
  • Organize charitable giving: If you plan to make charitable contributions for the year, begin organizing those to take advantage of tax deductions.

Emergency Fund Check

  • Review your emergency fund

Assess Investment Portfolio

  • Rebalance your portfolio: September is a good time to review and rebalance your investments and ensure your allocation aligns with your risk tolerance.
  • Evaluate retirement contributions: Ensure you’re on track with contributions to your 401(k) or IRA. If possible, consider maxing them out by the end of the year.

Health and Insurance

  • Review insurance policies: Revisit your auto, home, and life insurance policies to ensure they still meet your needs.
  • Prepare for open enrollment: If your employer’s health insurance open enrollment happens soon, gather information and review options.

Evaluate Big Purchases

  • Assess needs vs. wants: Utilize the “bucket” strategy in determining between wants versus needs as you build out your budget.
  • Plan for Future Big Ticket Items 

As your summer schedule leaves and your back to school rhythm begins,  don’t forget to get your financial house in order. As we are in the last third of the year, it’s important to benchmark your goals and ensure you are on track to achieve your financial plan by year end. If you have any questions or are looking to revisit your financial plan this fall, email info@shermanwealth.com.