5 Financial Tasks To Handle in October Before the Holiday Rush
Nobody wants to deal with government paperwork when they should be sliding into the holiday season to relax with loved ones. That's why you should square your finances away now.
October may be your best chance to tackle important financial tasks before turning your attention to holiday planning. Check these actions off your list now so you can celebrate with a clean slate.
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1. Prepare for Open Enrollment
Open enrollment is the annual window of opportunity to buy health insurance or make changes to your current plan. It begins on November 1 for the Health Insurance Marketplace, which most states use. You only have until Jan. 15, so start reviewing your options early, and talk to your healthcare professionals if you have questions about the level of care you might need in 2027.
State marketplace and workplace open enrollment dates vary. Check your state exchange website or contact your employee benefits administrator for details.
2. Use Up Your Workplace Benefits
October is a good time to use up benefits that won’t roll over into 2027. For example:
Flexible Savings Accounts
You fund your FSA with up to $3,300 in pre-tax pay withholding, and your employer might contribute money as well. Some employers give you until mid-March to use up your balance or let you carry over up to $660, according to the IRS. But if yours doesn’t, you’ll lose whatever balance remains on Dec. 31.
Dental Insurance
Dental insurance usually has an annual benefit limit, so it makes sense to plan upcoming dental work with the Dec. 31 deadline in mind. Highmark recommends “parsing out” appointments so that you get billed in increments. That way, you can use up your 2026 benefit and schedule remaining appointments in 2027.
Floating Holidays and PTO
Floating holidays usually expire at the end of the year, according to the Society for Human Resource Management. Plan to use yours soon if your company doesn't pay out for unused days. Also schedule your PTO days if your company doesn’t roll them over or pay you for unused time.
3. Organize Charitable Donation Records
Whereas in previous years you could only write off charitable contributions if you itemized deductions on your tax return, the IRS now allows people who claim the standard deduction to deduct up to $1,000 in qualified charitable contributions ($2,000 for joint filers). Make note of contributions you’ve already made and plan your giving for the next few months. You’ll need a written acknowledgement for any contribution valued at $250 or more.
4. Plan How To Use Your Year-End or Holiday Bonus
Only 12% of employees get a year-end bonus, and 7% get a holiday bonus, according to the Bureau of Labor Statistics. If you’re one of the lucky few, start planning how to use it. You might start or add to an emergency fund, pay down debt or contribute to your retirement funds. Consider contributing at least enough to get your full employer match if you have a 401(k).
Also try to maximize your IRS Saver’s Credit, if you’re eligible. You can do that with individual retirement account contributions if you don’t have a 401(k) or prefer to invest a lump sum.
5. Winterize Your Home
A modest investment now can save you money this winter and beyond. The Department of Energy recommends weatherstripping doors, adding attic insulation and caulking doors and windows to reduce heating and cooling costs. Further reduce energy use by replacing incandescent bulbs with LEDs and swapping out your standard thermostats with smart ones that automatically adjust settings according to your schedule
Bonus Tip: Book Holiday Travel Now
Book holiday flights as early as possible this year due to soaring airline prices. Be sure to apply expiring credit card reward points and statement credits to your hotel and plane fare.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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