It’s October and fall is upon us. The leaves are changing, the days are shorter and the morning air is more crisp. Here is something you may not know about October: It’s National Financial Planning month. Whether you’re a recent graduate or on the doorstep of (or already in) retirement, it’s time to start planning. You plan so many other things (birthdays, vacations, weddings, maybe even your day), so why not plan for something as important as your financial future? This type of planning is about more than just your investments or insurance coverage; it’s also about your wants and needs for the future. It’s a plan of action that is flexible enough to handle the twists and turns of life, and it is specifically tailored to you.

The first step to any financial plan is creating a budget of your income versus expenses. This will help determine where you’ll get the money to fund your various goals. In addition, knowing your net worth (assets minus liabilities) will help track your progress toward meeting your goals.

Next, determine whether you have sufficient disability, life or long-term care insurance. Without it, you may need to spend down assets that were earmarked for other goals, such as your child’s education or your retirement.

Once you’ve completed the previous two steps, establish your goals and set priorities. Know how much you will need to fund each goal, whether it’s for education, a home, vacation or anything else, and consider the effects taxes and inflation will have on your goals. The most common long-term goal most people have is planning for retirement. Few companies still offer pensions, so taking full advantage of your employer’s retirement plan (401(k), 403(b), Simple IRA, etc.) is extremely important. Know what these benefits are and put together a strategy to maximize your retirement savings in accordance with your budget. This will help you to project how much income you’ll have throughout your retirement years.

Don’t forget to analyze your tax situation. It is essential for you to understand the tax ramifications of different account types and the growth of these investments. Various account types, such as traditional IRAs, Roth IRAs, taxable investments, annuities and even life insurance, have different tax treatment that you need to be aware of to avoid paying more taxes than necessary.

Finally, you should understand how assets pass at your death to ensure your estate is dispersed per your wishes and is not determined by the court system. Your estate planning documents should include a will, power of attorney, medical directive and possibly a trust.

Comprehensive financial planning can provide you with a clear plan of action and help you to better understand how all the pieces of your financial puzzle come together. Challenge yourself this month of October to focus on your financial plan and begin taking necessary steps to secure your future.

Wendy Bennett is a senior financial adviser at Bennett Associates Wealth Management in Butler.