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Fall is officially upon us! As you walk supermarket aisles, pumpkins and mums serve as a reminder that cooler weather is fast approaching. October kicks off the holiday season, and you might begin thinking about your Halloween candy purchases, costumes for your kids or grandkids, or upcoming family gatherings. However you celebrate the season, consider thinking about your finances and coming up with a strategy that will set you up for success during this holiday season and beyond. Take a look at the steps below to start planning for a strong future financial harvest.

  1. Assess Your Budget
    With the holidays approaching, it is more important than ever to be aware of any budgetary restrictions you might have. How well have you stuck to your budget this year? Do you need to make any adjustments? Identify potential places where you can cut back on spending so you can focus your finances on your priorities.
  2. Plan for Tax Season
    It’s not too soon to think about tax planning! Are you fully taking advantage of deductions and tax credits that might apply to your situation? As the end of the calendar year approaches, consider implementing strategies such as maximizing contributions to tax-advantaged accounts.
  3. Manage Your Debts
    If you have outstanding debts, consider taking steps to minimize those this holiday season. High-interest debts are a major drain on financial resources, so reducing those is an important step to take when building a strong plan for your financial future.
  4. Consider Charities
    With the holidays approaching, many people reflect on their blessings and increase their charitable giving. If you have philanthropic goals for the year, implement these into your fall budget and ensure you’ve taken note of your charitable contributions for tax purposes.
  5. Think About Your Long-Term Goals
    As you take this time to reflect on your financial plan, consider whether your long-term goals have changed. Are you planning to retire earlier or later? Have you planned a big move, or a major life milestone? If so, it might be time to reevaluate your financial plan.
  6. Consult with a professional
    Financial planning is an ongoing process, so it’s crucial to continually revisit your goals to ensure you’re on track for the financial future of your dreams. As you think about ways you might want to update your financial plan, consider getting in touch with a financial adviser. Our talented team members here at GDS Wealth Management would love to chat with you about your financial goals. Contact us at (469)212-8072 or www.gdswealth.com

When you take the time to plan for your financial future this fall, you can set yourself up for financial success in the coming year and the years to come. Just as the farmer harvests his crop in the fall, a strong financial plan now will help you work towards a bountiful harvest of your financial resources.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite

Glen D. Smith
CFP®, CRPC® | Chief Executive Officer | Chief Investment Officer | Cofounder

Investment advice offered through GDS Wealth Management, a registered investment adviser.This blog does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting, or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact GDS Wealth Management at (469)212-8072 or www.gdswealth.com or consult with the professional adviser of their choosing.

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