October is the perfect month to hit refresh on your financial goals. With only a few months left in the year, it’s an ideal time to reflect on your progress and make adjustments to finish strong. Whether you’re looking to save more, pay off debt, or simply take control of your spending, October is the opportunity to realign before the holiday season kicks in.
As the crisp autumn air sets in, it’s easy to feel overwhelmed by upcoming expenses, but don’t let that discourage you. Instead, view this month as a chance to push forward and get closer to your financial goals. Visualize your progress and imagine the satisfaction of hitting that next financial milestone. It’s within reach, and with patience and determination, you can make it happen.
In this post, I’ll share 8 easy steps to crush your October financial goals this month and keep you motivated. Starting with the four things you should be thinking about financially in October, so that you don’t fall behind.
Whether you’re starting fresh or continuing on your journey, these tips will inspire you to take actionable steps toward your financial success. So, let’s dive in and make this October your most financially empowering month yet!
IN THIS ARTICLE
4 Things You Should be Thinking About Financially in October…
1. Assess Your Financial Position for the Year-End Crunch
October is the perfect time for a financial check-up. Think of it as preparing for the year-end crunch. Assess your current financial position, and pinpoint areas where you’re doing well and where you could improve. By setting clear financial goals this month, you can finish the year strong and enter the busy holiday season with less stress. Use these next 31 days to tighten your financial plan and focus on realistic, achievable milestones.
2. Adjust, Prioritize and Reset Your Budget
A new month calls for a fresh look at your budget. If you don’t have one yet, your welcome to DOWNLOAD this BUDGET FOR FREE. Examine your spending habits and see where you can make adjustments. Cutting back on dining out or reviewing your monthly subscriptions can free up funds.
Apply these savings towards paying off debt, building an emergency fund, or even planning for a holiday. Resetting your budget in October will prepare you for the upcoming holiday season and help you avoid financial strain.
3. Start Saving Early for the Holidays
The holidays can bring financial stress, but early planning makes all the difference. October is an ideal time to start saving for holiday expenses too. By setting aside money now for gifts, parties, and festivities, you’ll avoid scrambling in December and trying to catch up in January. Create a holiday budget, stick to it, and enjoy the season without financial worries.
4. Maximize Your Retirement Contributions for Retirement Planning
If you haven’t yet maxed out your retirement contributions for the year, October is an excellent time to do so. Not only will this help you stay on track for long-term financial security, but you could also benefit from tax advantages depending on your situation.
In the United States, contributing to your 401(k) or IRA before the end of the year is a smart way to boost your savings, plan for the future, and reduce your taxable income. By maximizing these contributions, you can take full advantage of your employer’s matching contributions if available, which is essentially “free money” toward your retirement. Plus, knowing that you’re making progress toward your retirement goals can be a huge motivation boost in itself.
If you live in Canada, consider maximizing your contributions to your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA). The RRSP allows you to defer taxes on your contributions until you withdraw them in retirement, providing a significant tax advantage. Meanwhile, contributions to a TFSA grow tax-free, meaning you won’t pay taxes on withdrawals, making it a flexible option for both short- and long-term savings goals. The contribution limit for RRSPs is based on your previous year’s earned income, and unused contribution room can be carried forward, giving you added flexibility.
Taking the time to fully utilize these accounts can have a huge impact on your financial future, giving you peace of mind as you work toward your retirement plans.
Regardless of which country you’re in, prioritizing your retirement contributions in October can set you up for a more secure financial future.
8 Killer Steps to Crush Your October Financial Goals and Stay Motivated this Month
1. Reflect on Last Month’s Progress
Before diving into your October goals, take a moment to review September.
What worked? What didn’t?
Did you stick to your budget or encounter any unexpected expenses?
Reflecting on your past wins and challenges will guide you in focusing on the right areas this month.
2. Set a Short-Term Challenge
Motivate yourself with a short-term challenge. Whether it’s a No-Spend Challenge saving an extra $100 this month or cutting your discretionary spending by 20%, small, achievable goals can keep you focused. By the end of October, you’ll not only have made progress, but you’ll also feel energized to continue working toward your larger financial goals.
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Take control of your finances this month with a No-Spend Challenge or a Saving Challenge, so you can be ready for the festivities in December!
3. Prioritize Your October Financial Goals
You don’t need to tackle everything at once. Choose one or two financial goals to focus on in October. This will help prevent burnout and keep your plan manageable.
Some common financial goals for October might include:
- Boosting your savings: Set a specific savings target for the month, such as saving $200 for holiday gifts or increasing your emergency fund.
- Paying off debt: Set a realistic amount to pay off on your credit card, student loans, or mortgage this month. Or see how to get started in Paying Off Your Mortgage Faster with these 6 Proven Strategies.
- Tracking expenses: Commit to tracking every dollar spent in October so you have a clear view of your spending habits.
Whatever your goals, making them *SMART*—Specific, Measurable, Achievable, Relevant, and Time-bound can help you reach your goals easier, or check out these Goal Worksheets.
4. Adjust Your Budget for Seasonal Spending
October marks the start of holiday spending. To avoid blowing your budget, make sure to account for these expenses when setting your financial goals.
- Set aside a small amount for seasonal purchases, like Halloween treats (30+ Spooky Halloween Treats Your Kids Will Love) or Halloween costumes and cozy fall decor. You could also save money and learn how to roast pumpkin seeds for a fun snack… A Guide to Roasting Pumpkin Seeds + 5 Amazing Recipes.
- Consider meal planning to save on grocery costs—fall recipes can be deliciously affordable.
“Preparation is the key to financial peace. Adjust your budget for seasonal spending now, so you can enjoy the moments later without worrying about the money.”
– The Unscripted Femme
5. Review and Automate Bills
October is a good time to review your bills. Are there subscriptions you no longer use? Cancel unnecessary expenses and redirect that money towards your financial goals.
Think about setting up automatic payments for essential bills like rent, utilities, and insurance to avoid late fees. Automating your payments can help you avoid late fees and reduce stress.
6. Track Your Progress Weekly
Setting financial goals is one thing, but tracking them is key to staying accountable. Make it a habit to review your goals at least once a week. Ask yourself:
- How much closer are you to your savings target?
- Are you staying within your budget?
- Have any unexpected expenses come up?
Regular check-ins will keep you accountable and allow you to adjust your plans as needed.
7. Visualize Your Financial Success
Visualization is a powerful tool for motivation when it comes to achieving financial goals. Create a clear vision of what financial success looks like for you, and use it as a daily motivator.
One popular method is creating a vision board that reflects your financial aspirations—whether it’s paying off a credit card, saving for a down payment on a house, or achieving financial independence. Place it somewhere you can see it everyday as a constant reminder of what you’re working toward.
You can also stand in front of a mirror and remind yourself what you are working towards, or simply remind yourself in your head.
Little motivating story here…
When my husband and I first started building apartments, we would often talk about how amazing it would be to have just one apartment complex to support our retirement goals. It felt like such a huge milestone at the time. But after completing that first complex, our conversations didn’t stop there. Soon, it became, “Wouldn’t it be great to have two?”
My husband, being a math whiz, calculated in his head what it would take me 10 minutes to figure out on paper. He crunched the numbers and realized that if we saved all the money we were making from our day jobs, and combined that with the equity and cash flow from the apartments, we could buy another one in just a few years.
That realization was such a huge motivator for us. Knowing the numbers and seeing how achievable our goals were really sparked our excitement and pushed us to keep going!
By keeping your goals top of mind, you’ll stay focused and motivated.
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8. Celebrate Small Wins
Achieving financial goals takes time, so remember to celebrate the small victories along the way. Whether it’s sticking to your budget like we did for years and years on end or making an extra payment toward your debt, each step forward brings you closer to success.
Celebrating these wins will also boost your confidence and keep you motivated to continue making progress. Treat yourself in a way that aligns with your goals—perhaps a nice dinner at home or a small, meaningful purchase.
After our first apartment was built, we kept the celebration simple—just the two of us, pizza, and a bottle of champagne. It was our way of savouring the moment and acknowledging the hard work we had put in. We also knew there was more hard work ahead.
So, take control of your October financial goals…
October is your month to take control of your financial destiny. By refocusing and resetting your financial goals now, you’ll set yourself up for success as the year comes to a close. Stay inspired, focused, and empowered. From budgeting resets to long-term planning, every step you take this month will help you achieve financial success not just in October but in the years to come.
Thank You Credits: Cover photo by Rafael Classen rcphotostock.com on Pexels.