Slay 2026 With A Financial Refresh

It’s that beautiful time again where the leaves are changing colors, the air is crisper, and we are leaning into a busy, but cozy time of year. With so many people busying themselves for a full holiday season, it's easy to miss the opportunity to slow down and focus on our changes and aspirations. So I’m here to make the case that October is the perfect time to start getting a grip on your financial planning and goals before you get bombarded with everything the winter season brings. Let’s dive into a financial round up so we can slay into 2026 with ease, clarity, abundance, and hope. Here are some things to think about:

RETIREMENT CONTRIBUTIONS

            Maximize your retirement contributions (IRAs, 401Ks, 403Bs, etc.).

REQUIRED MINIMUM DISTRIBUTIONS

            If you are of age, take the Required Minimum Distributions.

CHARITABLE GIVING

            Consider giving a lump sum or monthly contributions to non-profits that matter to you. You should receive their tax ID so that you can claim your contributions when you file your 2025 taxes.

FSA/HSAs

            Spend the funds that are in your FSAs and HSAs before the end of this year.

BUDGET REVIEW

            Now is the time to check on your spending and make adjustments as needed. You do not want to go into the holiday season without a clear financial picture and plan in place. Use my 50-30-20 PDF to get started.

EMERGENCY FUND

            If you have an emergency fund, check your process, and check if your fund is sufficient for your needs. If you don’t have one, now is the time to create a plan of action to get started. Use my 50-30-20 PDF to get clear on what is realistic. Remember, just $5 or $10 a month is worth saving every month.

DEBT MANAGEMENT

            Many people go into debt during the holiday season, but let’s not do that this year. Let’s do the opposite. Be very clear about what your debts are and create a plan to eliminate one debt at a time. To help with this when a historically expensive season is just around the corner, consider the following:

·       Limit your engagements (not just for financial reasons, but for time and energy purposes too)

·       Put a limit on your gift giving budget

·        If gifts are really not in the budget consider giving smaller, but more thoughtful gifts. Or perhaps that give of your time and energy, rather than your money.

INSURANCE

            As someone who is in insurance, I had to include this one. Just kidding! But, seriously, this is a good time to review your insurance and make sure you are adequately protected. This is also a good time to update your beneficiaries, contact information, etc., if needed. Don’t overlook the details!

529 Savings Plans

            These are education plans that are designed to help your children/grandchildren go to college. The beauty is that you get to set the amount that you contribute so if you can only contribute $10/month, then let’s get it started! My cousin was able to do that for his son, only $20/month, and not only was he able to pay for all of his community college classes and text books, but he was able to reduce the amount they needed to borrow for his son to finish his degree at a university. Don’t underestimate the small contributions that add up significantly over time.

October is not the time to get complacent or get into party mode. It is a time for reflection and change that leads to growth so that spring time you is superblooming! Many items on this list will reduce your tax liability when you file your 2025 taxes in 2026. The vast majority of people only think about their taxes once a year – when they’re filing them. But, guess what? You have an entire year of tax decisions you can make. Unlike the majority of people, you are turning a page today. Not only are you taking steps to keep more of YOUR money in YOUR pocket, but these same steps are simultaneously setting you up for future financial success.