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Pumpkin Spice Planning

Tis the season for everything Pumpkin Spice! From pumpkin spiced coffee and milk shakes, to candles and yes, trash bags. I can’t say that I’ve embraced the trend fully, but again I’ve never been one to turn down a tasty slice of pumpkin pie. As we head into this end-of-year season, here are just a few pumpkin spiced planning tips to help you wrap up the year;

Plan your finances wisely – Take a closer look at your financial plan – Are you still on track? If you don’t have a plan don’t wait, now is the right time to get ready for 2024.

Update your Budget – Take stock of your income, expenses and savings goals. Adjust your budget accordingly for any upcoming expenses, like holiday gifts and travel. Continue to maintain 3-6 months of living expenses, while avoiding any high interest debt.

Maximize Tax Savings – Now is the time to consider any year-end tax saving strategies. Maximize contributions to Retirement Plans and IRA’s. If you participate in a high deductible health plan review contributions to your HSA (Health Saving Account).

Prevent Penalties – If required, make sure you’ve taken any Required Minimum Distributions from retirement plans and IRA’s before the end of the year. …And don’t forget to use any funds left in your Flexible Spending Accounts.

Keep an Eye on Investments – Interest rates have risen and so has the interest being paid on Money Market Funds and other fixed income investments. If you have money sitting in cash you may be missing an opportunity.

Inspect Insurance Coverages – Having proper Life, Health and Property protection is important, and so is reviewing that coverage often to ensure it still aligns with your current needs.

Nurture charitable giving Give Back! – Donate to charities of your choice.

What’s your favorite pumpkin spice infused food/drink/item? Whatever it is, now is a great time to enjoy it while making time to get a few year-end financial items in order. Most importantly, make sure to enjoy it with family and friends.

Written by: Steve Cartwright, CFP®