September 11, 2023 3 min read
Fall financial planning holds immense importance for both employees and employers alike. It's a time to ground down and realign with the efforts and goals you set before the end of the fiscal year. A synchronized approach to financial planning benefits both parties; fostering financial stability, well-being, and prosperity in the workplace. It's a win win.
For employers, this is a crucial time for setting budgets, evaluating profitability, and making strategic decisions for the upcoming year. It allows businesses to assess their financial health, allocate resources effectively, and plan for potential investments or expansions. On the employee side, this season presents an opportunity to reassess their financial goals, particularly as they relate to taxes, benefits, and year-end bonuses.
Here are 5 tips for both employers and employees to help you finish 2023 strong.
Fall is often the open enrollment season, for employers that offer benefits. Review and update these benefits to ensure your current or new plan is the best fit for your team, and communicate any changes to your employees. It's important that your offerings align with your business's financial goals and budget.
Summer can be a higher spend time personally, and depending on your industry, professionally as well. As we progress into fall, it's the perfect time to assess budgets and get ready for Q4. Taxes will be here before you know it.
Fall is an ideal time to start tax planning for the year's end. Schedule a meeting with your tax professional or accountant to assess your tax liability and explore potential strategies to minimize it legally. This may include making deductible purchases, capital investments, or adjusting your payroll withholding.
Set clear financial goals for the end of the year. These goals might include increasing revenue, reducing expenses, or hitting final profit margins. Create an action plan to achieve these objectives and finish the year strong.
With Q4 looming, it's important to review contracts with suppliers, clients, and other business partners. Ensure that they are still aligned with your business goals and that you're receiving the best terms possible. Renegotiate contracts if necessary to improve your financial position.
Too early? Well, Halloween decorations are out, so it’s time to start talking about holiday gifting. It is never too early to start planning your holiday budget. And we have a helpful tool to get you started too.
if you have not reviewed your personal credit report this year, (the full report for all three credit bureaus), now is the time! You can pull your report 1 time a year for FREE. It does not hurt your credit score and it is the perfect way to check for errors or fraudulent accounts.
Change the passwords on your financial accounts! If it has been over a year since you changed your passwords, now is the time! Bonus? Use a VPN when doing any financial transactions to REALLY protect your money.
Complete an annual review of your insurance policies to be sure you have the coverage you need for auto, home, and life insurance. You should be shopping for your insurance premium every single year to be sure you have the best coverage limits for the lowest cost. Striking that balance is incredibly important to protect your financial health.
When was the last time you looked at ALL of the options your employer has to offer in your benefits portal. In most cases, there are so many more options for you to take advantage of than medical, dental, and vision insurance. Any way you can save your hard-earned money and benefit from a discount is a good one.
Fall financial planning serves as a bridge between the financial well-being of employees and the fiscal health of businesses. It is a proactive and mutually beneficial practice that allows everyone to maximize their financial stability. Need help as an employer with the financial habits of your employee team? We can help. LEARN MORE TODAY! Being financially informed fosters a stronger workforce, and the long-term success of a business.
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