October is known for pumpkin spice lattes, changing leaves and sweater weather. It’s also Financial Planning Month — a perfect opportunity to take a holistic look at your money matters. So, before you start carving pumpkins this month, carve out time in your schedule to review your finances.

Here’s a checklist to help you get started:

• Review financial goals. Think back to what you wanted to accomplish this year. Are you on track? Did any major purchases surprise you? Did you have enough in your savings to cover them? As you look toward the new year, begin thinking through your wish list and preparing for surprises. Write down your goals and develop a SMART plan to get there.
• Do a deep dive into your budget. Look at your goals and projected holiday spending. Incorporate those into your spending plan. Review ongoing subscriptions and perhaps find a few you can stop, then redirect that money. As you do this, be sure to factor in these items:
  • Plan for emergencies. It’s not a matter of if, but when. You know Murphy’s Law and once your spouse is TDY or on deployment, an appliance will break. Strive to have an emergency fund of three to six months’ worth of living expenses saved.
  • Pay down debt. If you have credit card balances or other loans, prioritize paying those down as quickly as possible. High-interest debt can be tricky to get ahead of, but you can take control and destroy your debt.
• Protect your assets. Take time to review your auto policy. Look at your coverage and shop rates. If you’ve moved recently or downsized, reassess your renters or homeowners insurance. Make sure your policy is right-sized and you’re paying a competitive rate. And of course, the most valuable asset to insure is your life. If your family has grown or needs have changed, check your Servicemembers’ Group Life Insurance and Family Servicemembers’ Group Life Insurance coverage and any other private policy you have. For additional coverage, consider your needs and explore the right policy for you and your family. If you’re not currently employed, watch Know Your Worth and plan accordingly.
• Invest for your future. Take time with your spouse to log in to myPay and check Thrift Savings Plan contributions. If your spouse is participating in the Blended Retirement System, you’ll want to be saving at least 5% into the TSP to get the full matching contribution. Don’t leave free money on the table! If you’re employed, go over coverage and contributions for your retirement savings plan. And if you’re not employed, you may be able to save into a Spousal IRA.
• Prepare for your legacy. Understandably, this is a tough topic to discuss and plan out, but it’s critical. If you have young children, it’s so important to make sure they are cared for if something happens to you or your spouse…or both of you! If you don’t have children or they are adults, you still want to get the right plan and documents in place. Remember, estate planning isn’t just for wealthy people — everyone needs a plan.

So, this October, grab that pumpkin spice latte and dig in. That sense of accomplishment will have you feeling fall-tastic!

Mandi Moynihan is a CERTIFIED FINANCIAL PLANNER™ professional who has been with MilSpouse Money Mission since its inception. She also served in the Army and is the spouse of a retired service member.

MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward military spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!