Once the holidays arrive, financial planning tends to slide pretty quickly down the priority list. There are gifts to buy, parties to attend, travel plans to finalize…and suddenly you're wondering how it became January.
That’s why fall can be such a good time for a financial check-in.
You don’t need to overhaul your entire financial life before Thanksgiving. But tackling a handful of important items now can help you head into the holidays feeling a little more organized; you might even avoid missing opportunities that disappear when the calendar flips to a new year.
Here is a quick checklist to help you get started.
Review Your Year-End Tax Picture
- Has your income changed this year because of a raise, bonus, job change, business growth, retirement, or investment activity?
- Have you taken capital gains—or losses—that could affect your tax picture?
- Are there deductions, credits, or contributions you may still be eligible to make?
- Would it make sense to speak with your tax professional before the end of the year?
Check Your Retirement Contributions
You may want to review:
- Contributions to a workplace retirement plan, such as a 401(k), 403(b), or 457 plan
- IRA contribution opportunities
- Catch-up contributions if you are age 50 or older
- Employer matching contributions you do not want to leave behind
- Required minimum distributions, if they apply to you
Update Beneficiaries and Key Documents
Review the beneficiaries named on:
- Workplace retirement accounts
- IRAs
- Life insurance policies
- Annuities
- Transfer-on-death or payable-on-death accounts
Make Charitable Giving More Intentional
If charitable giving is part of your holiday tradition, think about it before the Giving Tuesday emails start flooding your inbox. A quick charitable giving checklist might include:
- Decide which organizations or causes you want to support.
- Review how much you’ve already donated this year.
- Consider donating appreciated securities instead of cash.
- Ask whether a donor-advised fund makes sense for your giving plans.
- If you're eligible, explore whether a qualified charitable distribution (QCD) from an IRA could be appropriate.
- Keep records of your donations for tax purposes.
- Coordinate larger gifts with your financial advisor and tax professional.
Review Your Cash Before Holiday Spending Begins
Holiday spending has a way of expanding to fill whatever space you give it.
Before the shopping, travel, entertaining, and end-of-year expenses begin, check your cash reserves. Do you have enough set aside for upcoming expenses without dipping into investments or carrying unnecessary credit card debt?
This is also a good time to look ahead to large expenses coming early next year: property taxes, tuition, insurance premiums, travel, home projects, or anything else that could put pressure on cash flow.
Decide What Really Needs to Get Done Before Year-End
Yes, we know that going through financial tasks before the holiday fun begins sounds like pure drudgery, but just imagine how you’ll feel spending the holiday season somewhat worry-free. (Sorry, we can’t help you stop dreading your in-laws’ visit.)
Remember, the goal isn't to create a longer to-do list. It's to take care of the things that matter while you still have the bandwidth to make thoughtful decisions. Then you can close the financial laptop, enjoy the holidays, and head into the new year knowing you've already given your future self a pretty good gift.
And we’re here to help! Together, we can figure out the planning opportunities worth addressing now and make sure the pieces of your financial life are working together as you head into a new year. CLICK HERE to make an appointment.