Have you heard the City of Orlando’s recent advertisement on the radio where they emphasize the month of September as their best kept secret?
At this point in the year many children are back in school and not visiting Orlando’s numerous theme parks, which is why they are advertising for you to come take advantage of one of their non-peak times.
September may also be one of the best kept secrets of another industry… Financial Planning!
Here is a list of reasons why September is a great time to take control of your finances:
1. Free time!
- With the kids back in school, you now have the time to check up on your finances with fewer distractions.
- Summer vacations are coming to an end, and less travel will free up some of your time to focus on getting your financial situation on track.
2. Do it before the holiday season starts
- The holiday season involves traveling, family gatherings, as well as year-end deadlines at your job. Make sure you have a plan for your finances in place beforehand to avoid added stress.
- Have a financial plan in place before January 1st so you can hit the ground running on any financial related New Year’s Resolutions.
3. Identify key tax strategies
- Is the 401(k) contribution percentage you set at the beginning of the year still appropriate? Perhaps your income has increased, and you can increase your 401(k) contribution.
- Consider whether a Roth IRA Conversion is beneficial.
- Check the withholding amounts from your paystub to avoid a tax surprise next April.
- Evaluate the capital gains or losses have you realized year to date. How does this impact your tax bracket, and what can you do about it in the remaining months?
- Take advantage of tax implications of charitable gifting.
As we enter the fall season and the above items begin to take place in your life, please contact a financial planner to help you develop a comprehensive financial plan.
Copyright: alexraths / 123RF Stock Photo
