Common Questions: Fall Financial Planning

Smart answers to help you prepare for year-end and beyond.

• Should I start planning for holiday spending this early?
  • Yes! Planning early helps reduce stress and allows you to save gradually, instead of relying on credit or dipping into emergency funds later. Setting a realistic budget now—and sticking to it—means you can enjoy the holidays without worrying about financial surprises.

 

• How can I prepare my finances for year-end tax planning?
  • Now is the time to review deductions, check estimated payments, and make any contributions to tax-advantaged accounts like IRAs or HSAs. Organizing receipts and reviewing your income and expenses before the year ends puts you in a better position to make smart, informed decisions.

 

• Can I still open an IRA or investment account before year-end?
  • Absolutely. In fact, opening one now gives you more time to take advantage of potential tax benefits for the current year. Whether you’re planning for retirement or looking to diversify your savings, our team can help you explore the right options based on your goals.

 

• When should I start teaching my teen about budgeting and banking?
  • It’s never too early to start. Teens learn best through real-life experiences, so setting them up with a Gen$pend account is a great way to teach budgeting, responsible spending, and saving habits. Every day transactions become lessons in money management that they can carry into adulthood.

 

• Is now a good time to adjust my 401(k) or retirement contributions?
  • Yes, especially if you’ve had a change in income or financial goals. Increasing contributions before year-end may also help with your tax strategy. If you’re unsure what adjustments make sense, our financial planning experts are happy to guide you through your options.