Your October Financial To-Do List
The days may get shorter this time of year, but there’s still time to take care of some important money tasks that will help keep your finances in shape heading into the end of the year.
Now’s a good time to make sure that you’re not wasting energy because of drafty doors or windows and to make sure that your yard is in good shape for any little goblins that might come by on Halloween.
Read on to learn more about those and other tasks that should be on your October financial to-do list, as well as insights into which items are on deep discount this month.
Keep the Cold Out
Before the temperatures really start to drop for the season, tour your house for drafty doors or windows that could drive up your heating bill. Patching problem areas with caulk or weather stripping can save your 5 percent to 10 percent on your heating bill, according to the Department of Energy. You can double or triple those savings by installing storm windows, but that’s a pricier fix, costing $60 to $200 per window. Thick drapes or honeycomb shades also keep the cold from coming in through your windows—just remember to draw them at night when it’s coolest outside.
Fill Out the FAFSA
If you or your child is attending college next year, you need to fill out the Federal Application for Student Aid, which determines your eligibility for public financial aid, now. New rules moved the availability of this form from January 1 to October 1 this year. It’s important to get the form in as soon as possible, because some organizations hand out federal aid on a first-come, first-served basis.
Filing the FAFSA earlier can also help you make a more informed college selection that takes cost into account. Within a week of filing, you’ll receive a Student Aid Report, which will tell you whether you’ll qualify for federal need-based aid such as federal Pell grants and work-study programs. Put that information into potential schools’ net price calculators to get a ballpark estimate of how much that school might cost after factoring in aid.
Clear the Way for Trick-or-Treaters
Handing out candy on Halloween night is a beloved tradition, and more than 70 percent of Americans plan to partake this year, according to the National Retail Federation. But it’s also rife with legal liability if someone gets injured on your property. While your homeowners’ insurance would cover the cost of a guest’s injuries if you’re sued, you’re better off avoiding anything happening in the first place. Make sure there is a well-lit path clear of debris or Halloween decor, and skip any decorations that require an open flame, which could prove hazardous around loose fitting, flammable costumes. Secure any pets inside the house or in a fenced-in area outside.
File Your Taxes
If you filed for an extension on your 2015 taxes, your time is up on October 17. (You get an extra two days this year, since October 15 falls on a Saturday.) In most cases you can’t file for another extension, although there are some exceptions for members of the military in a combat zone, or those who’ve been hit by specific natural disasters, such as the recent flooding in Louisiana.
Check out our tax guide for tips on how to prepare and securely file your returns.
Buy on Deep Discount
October is a great time of year to snag discounts on any items that are primarily used during the summer (like bicycles and helmets, gas grills, and lawn mowers). The selection for these items may be slimmer since it’s the end of the season, so be sure to carefully review and compare products before jumping at the price.
Research by Consumer Reports product experts, who track prices year-round, shows that October is also an ideal time to find a deal on computers, digital cameras, and patio furniture.
If you need a new coat for winter, you may be able to get a discount as retailers aggressively price any coats left over from last year in order to make room for the newer ones. There are deals to be had on coats at shopping outlets, but inspect the garment carefully for loose threads or missing buttons.
More from Consumer Reports:
Top pick tires for 2016
Best used cars for $25,000 and less
7 best mattresses for couples
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