Urgent Financial Reset Tips for Fall: Prepare Now for Year-End

UPDATE: With the arrival of September, financial experts are urging Canadians to take immediate action to reset their finances after a summer of spending. Joanne Kudakiewicz, a Life and Health Insurance Advisor with Desjardins Financial Security, emphasizes that this month is crucial for realigning financial goals as routines return to normal.

“September is the perfect time to assess your finances,” Kudakiewicz stated during a recent segment on CTV’s Your Morning Ottawa. This timely advice comes as many families feel the pinch from summer expenditures.

Tax Planning Alert: As 2023 draws to a close, Kudakiewicz advises Canadians to proactively manage their tax and year-end planning. “RRSP contributions aren’t due until March, but starting now can alleviate end-of-year stress,” she noted. Additionally, she highlights the importance of planning for charitable donations, which must be completed by December 31 to receive tax benefits. “Making a charitable contribution not only supports your community but also provides tax savings,” she added.

Insurance Review Needed: As part of a comprehensive fall financial reset, families are encouraged to review their insurance policies. “Changes in your life—like buying a new house or welcoming a child—may require updates to your insurance coverage,” Kudakiewicz explained. She recommends assessing life, disability, and critical illness insurance to ensure adequate protection for families.

Retirement Planning Essential: Many Canadians express anxiety about retirement savings, with concerns about outliving their funds. Kudakiewicz stresses the importance of developing a retirement income plan. “Think of your retirement in terms of ‘income buckets’—Old Age Security, CPP, and registered investments can be accessed at different times,” she advised.

Holiday Spending Strategy: As summer fades, Kudakiewicz urges Canadians to start preparing for holiday spending now. “Summer spending can derail your financial plans,” she warned. It’s critical to evaluate your finances and set a budget before the holiday season begins. “We want to avoid starting the new year with debt,” she concluded.

Kudakiewicz’s insights reflect a growing need for financial awareness as the year progresses. By taking these steps now, Canadians can ensure they enter the new season with a solid financial footing.

As September unfolds, stay tuned for more updates on financial strategies and tips to help you thrive through the rest of the year.