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Your September Financial To-Do List
Lavish displays of yellow, orange, and red leaves will soon be splashed across the countryside in many regions of the country, but to help get your finances in order this month you need to concentrate on some green.
Yep, we’re talking about your money. You need to manage it well to prosper. Taking a bit of time each month to accomplish a few simple tasks is an easy way to help take control of your finances. Address these five checklist items in September, then come back next month for your October financial to-do list.
Checklist Item #1
Start making year-end holiday travel plans. Book as early as possible to get the best rates and availability. September is known as the fall “shoulder season,” or the travel time between the peak summer travel months and the fast-approaching holiday travel season.
Hotels, cruise line operators, theme parks and other travel destinations are pumping out impressive deals now, says Gabe Saglie, senior editor at Travelzoo. Deals can be found at 4 and 5 star hotels in New York, Chicago, and Boston now for 60 percent off Thanksgiving and Christmas bookings, for example. Hotel prices around U.S. theme parks now can be 50 percent less than they were this summer.
Saglie says he’s also seen 7-night Caribbean cruise deals for $500 per person through November. Of course, that’s also hurricane season in the region, so you might want to tack on some travel insurance. (For travel insurance advice, see the video below.)
Checklist item #2
Give your tax adviser or financial planner a ring. Make an appointment to discuss your year-end tax-savings steps. For example, you may want to see if you can reduce your capital gains taxes by offsetting stocks being sold for a gain with losses from other investments you own. You may also be able to cut your adjusted gross income by making one large year-end contribution to an employer-provided retirement plan.
If your tax planning is DIY, check out IRS publication 544 for details on capital gains and losses, and see our tax guide for tips on preparing, paying, and saving money on your taxes.
Checklist Item #3
Spruce up your yard. Take advantage of seasonal sales on shrubs, trees, and perennials at your local garden centers. For cooler regions, planting now through the end of October gives most plants a head start next spring, since roots will grow in still-warm soil long after air temperatures drop.
Other items on deep discount in September include lawn mowers, gas grills, and snow blowers.
Checklist Item #4
Check up on your defined contribution disclosure form. If you’re in a 401(k), 403(b), or other defined contribution plan that allocates investment responsibility to participants, call your plan administrator if you haven’t received your annual fee disclosure form. Many plans send them out at the end of August, but a new Department of Labor rule may give plans two additional months to provide it.
Your form should give you a standardized set of disclosures on investment objectives, principal strategies and risks, historical performance, and fees on all the investment options in your plans to help you make better decisions about your available investments.
Checklist Item #5
Be ready for emergencies. September is National Preparedness Month. Plan how to stay safe and deal with the financial impact of natural disasters by checking out Ready.gov’s advice on what to do if you are impacted by a flood, wildfire, hurricane, or lengthy power outage.
The site provides advice on making emergency plans and how to stay informed of potential disasters. It also tells you what to put in an emergency kit you can grab quickly if you have to evacuate your home.
Consumer Reports has no relationship with any advertisers on this website. Copyright © 2006-2015 Consumers Union of U.S.
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