A Little Fall Cleaning for Your Finances
There’s something about October that makes us want to get things in order.
The leaves are changing, the days are getting shorter, and before we know it, the holidays will be here. Around the house, this is often the time we clean out the garage, “put the garden to bed,” and get ready for winter. October can also be a good time to do a little “fall cleaning” when it comes to our finances.
You don't have to make major changes or spend hours looking at spreadsheets. A simple review of a few important areas can help you feel more organized as the year comes to a close.
Take a Look at Retirement Savings
If you participate in a 401(k), 403(b), or similar retirement plan through your employer, October is a good time to review your contributions. Consider whether your current contribution rate still makes sense and whether you are taking advantage of any employer matching contribution available through your plan. For 2026, the IRS has set the employee contribution limit for most 401(k), 403(b), and governmental 457 plans at $24,500, with additional catch-up contributions available to those over 50. Individual circumstances and plan rules vary, so reviewing your contributions can be worthwhile.
Give Your Tax Situation a Once-Over
Tax planning doesn't have to begin in April. Think about what has changed in your life this year. Did you change jobs? Buy or sell a home? Retire? Experience a significant change in income? Have a change in your family? Changes like these can affect your overall financial and tax picture. October gives you time to gather your information and, if appropriate, talk with your tax professional before the end of the year.
Check In on Your Investments
Investment accounts can also benefit from an annual review. Market changes may cause the mix of investments in a portfolio to become different from what was originally intended. That doesn't necessarily mean changes are needed. Instead, it's an opportunity to ask whether your investments continue to reflect your goals, time horizon, and comfort with investment risk.
Don't Forget the Small Things
Finally, take a few minutes to review the details that are easy to overlook. Are your beneficiary designations still current? Are important financial documents organized? Have your contact information and account information been updated where necessary? These may seem like small items, but keeping them current can make things easier for you and your family down the road.
A Good Time to Look Ahead
At Rundahl Financial Consultants, we believe financial planning is about more than numbers; it's about understanding where you are today and thinking intentionally about where you would like to be tomorrow. October offers a natural opportunity to pause, take stock, and prepare for the months ahead. Start with a few simple questions:
What has changed? What is working well? What deserves another look?
Just as a little fall cleaning can make your home feel more prepared for the season ahead, a little financial housekeeping can help you head into the end of the year with greater organization and clarity.