If you have family member who will be in college for the 2020-21 school year, October 1 st is the start date for submitting the Free Application for Federal Student Aid, or FAFSA. The FAFSA is the key to getting financial aid; every student should file because not all financial aid is based on need.

October is a good time to check and, if needed, adjust your 2019 tax withholding. If you’re not withholding enough, you could face an unexpected tax bill or even an underpayment penalty when you file your return. If you’re withholding too much tax, you may be able to take home a larger paycheck instead of waiting for a refund next year. The IRS has an online Tax Withholding Estimator calculator available on the IRS website.

People enrolled in a Medicare Prescription Drug Plan can benefit from comparing plans during open enrollment which begins October 15 thand runs through December 7 th. Plans often change premiums, formularies, drug costs, deductibles, and other plan features annually. The plan that was most cost effective for an enrollee in 2019 may not be the best plan for them for 2020.

Those employed by a company that provides benefits often receive reminders in the fall about open season. Open season is an annual period when employees are allowed to make changes to their various benefit plans; it is a good time to look at 2020 costs and think about the health, dental, vision, or other coverage you and your family will need in the coming year.

October is the perfect time to create a budget for Christmas shopping. Planning now can reduce stress during the height of the shopping season. Experts suggest writing down how much you’ll spend on each person and keeping track so you can tweak your plan BEFORE you break the bank!