October is a season of transition. The weather cools, routines settle, and the holidays are just around the corner. It’s also the perfect month to do a money reset. By being intentional with your finances now, you can enjoy the rest of fall and head into the holiday season without extra stress (or extra debt).
Here are five smart money goals to set this October:
1. Set Your Holiday Spending Budget Early
The holiday season tends to sneak up fast—and so do the expenses! From gifts to travel to special meals, costs can add up quickly. Take time this month to map out how much you want to spend and start setting that money aside. Even saving a little each week between now and December will make a huge difference.
Line items to think about:
- Professional family photos
- Christmas cards
- Wrapping paper/supplies
- Travel expenses
- Winter and/or travel clothing for you or members of your family
- Unpaid time off
Pro tip: Create a sinking fund labeled “Christmas” so you can keep track of every dollar you set aside.
2. Plan for Higher Utility Bills
As the temperatures drop, heating bills usually rise. Don’t let higher utilities catch you by surprise. Look back at last year’s bills for October–December and start adjusting your budget now. This way, you’ll be prepared instead of scrambling to make it work.
Pro tip: Simple changes like sealing drafty windows, adjusting your thermostat, and unplugging unused electronics can help lower costs. And if you have additional room in your budget, do an insulation check in your attic. This summer, we added additional blown-in insulation in our attic, and it reduced our cooling bill by nearly 50%!
3. Do a Fall Financial Check-In
October is a great “3-months-to-go” checkpoint before the year ends. Review your progress toward savings goals, debt payoff, and any budget categories that need adjusting. Maybe you’re ahead and can throw extra at debt, or maybe you need to shift things around before the holiday season begins.
Pro tip: Spend 10–15 minutes looking over your last 30 days of spending. Highlight any expenses you no longer need or could cut back on. Get ruthless. Remember, many of these expenses can be temporarily cut from your budget, and you can add them back in after the start of the year if you determine they are still valuable to you. If you want to make this process easier on yourself, consider using an app like Monarch, where you can easily see and track your spending.
4. Declutter and Sell Unused Items
Fall cleaning is just as useful as spring cleaning! Go through closets, kids’ rooms, and even the garage to find things you can sell or donate. Extra cash from selling unused items can be used to fund your holiday budget, pay off debt, or build savings.
Pro tip: Try selling on Facebook Marketplace, Poshmark, or even a local consignment shop. Or be willing to host a clothing swap in your community! This can be a great way of cleaning out what you don’t need and being able to exchange it for things you do need. We did this for years with our kids’ clothes as they outgrew them, and we swapped them at a clothing swap that our church would hold every year.
5. Try a “No-Spend Weekend” Challenge
Before the holiday sales roll in, challenge yourself to have at least one no-spend weekend in October. It’s a quick way to reset your spending habits and save some extra cash. Plus, it can be a fun challenge to get creative with meals, entertainment, and activities without swiping your card.
Pro tip: Plan free fall activities like hiking, baking at home, or hosting a game night.
October is the perfect time to be proactive with your money. By setting small but intentional goals now, you’ll set yourself up for a smoother holiday season and a stronger start to the new year. Remember: you don’t have to tackle all five goals—just pick one or two that fit your current season of life and focus on them.
Here’s to a financially smart and stress-free fall!
OTHER POSTS YOU MAY ENJOY
Leave a Reply