October Is Financial Planning Month

October

These are all important things to keep in mind as we approach October. By taking the time to plan ahead, you can save yourself time and money in the long run.

• Financial Planning Month is a nationwide observance in the United States that takes place every October. It is a time to focus on your financial goals and create a plan to achieve them. Financial planning is the process of assessing your current financial situation, identifying your financial goals, and developing a plan to achieve those goals.

There are many different aspects of financial planning, including:

• Budgeting

• Saving

• Investing

• Insurance

• Retirement planning

• Estate planning

• FAFSA opens on October 1: If you have children heading to college next year, the Free Application for Federal Student Aid (FAFSA) window opens on October 1. It's best to complete the FAFSA as early as possible because states and colleges use it to award their own grants, scholarships and loans, and that aid is limited.

• Tax return deadline: File your income tax return by October 16 if you requested a six-month extension back in April.

• Set up and fund a retirement account: If you want to establish and fund an individual 401(k) or SEP IRA for 2023, the account must be opened by your tax filing deadline plus any extensions, which is typically October 16 in 2023 for most small businesses.

• Run a tax projection: Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.

• Review your health insurance coverage: As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

Get professional help. If you need help developing a financial plan or choosing investments, consider working with me a financial advisor.

I'm a financial advisor who specializes in helping individuals and small business owners achieve their financial goals. I have over 15 years of experience in the tax and financial industry. I've helped thousands of individuals and small business owners save money, grow their businesses, and achieve financial security.