With the fourth quarter underway, October is the ideal moment to organize your money before the new year arrives.
Financial Planning Month arrives each October, right as the fourth quarter begins and the final stretch of the business year comes into view. For women in business, Financial Planning Month is the right moment to step back from day-to-day invoicing and look at the full picture: what the business earned, what it owes, what it will need next year, and how its success is translating into personal wealth for the woman who built it.
Start With a Clean Financial Picture
Every strong plan starts with accurate numbers. If business and personal spending still share an account, open a dedicated business checking account and route all company income and expenses through it from this point forward. Reconcile your statements through September, categorize every expense, and gather receipts and invoices now rather than in the rush of January. Bookkeeping software can automate much of this work, and a bookkeeper can take it off your plate entirely if your time is better spent serving clients.
Once your books are current, review three numbers closely: your revenue to date, your profit to date, and your average monthly expenses. Those figures tell you whether your pricing is working, how much cushion you have, and what you can realistically invest in the year ahead.
Taxes Without the April Surprise
Self-employed women in the United States generally pay estimated taxes four times a year, and the final payment for the 2026 tax year is typically due in mid-January 2027. A simple habit makes those payments far less stressful: each time a client pays you, move a set percentage of that payment into a separate savings account reserved for taxes. A certified public accountant can help you choose the right percentage based on your income and location.
Financial Planning Month is also a smart time to schedule a year-end meeting with your accountant. Ask which deductions apply to your business, whether your current business structure still fits your income, and whether any purchases or retirement contributions should happen before December 31.
Pay Yourself and Build Your Safety Net
Many founders reinvest every dollar and pay themselves last, if at all. Treat your own compensation as a fixed line item in the budget, even if the amount starts small, and increase it as the business grows. A consistent owner’s paycheck makes personal planning possible and gives you a clearer view of what the business truly costs to run.
Build two safety nets: a business reserve that covers several months of operating expenses, and a personal emergency fund that protects your household if revenue dips. For retirement, self-employed women have options designed for them, including the SEP IRA and the Solo 401(k), and a certified financial planner can help you compare contribution limits and choose the account that fits your goals.
Financial Planning Month Goals for 2027
Close the month by writing your money goals for the year ahead. Set a revenue target, decide whether your rates need to rise, identify the grants or funding you plan to pursue, and review your business insurance to confirm it still matches the size of your operation. Put review dates on the calendar for each quarter so the plan stays alive after October ends.
Wealth looks different for every woman, a theme Bacon Magazine explored in The Rich Life Looks Different for Us. Whatever your version of a rich life looks like, Financial Planning Month is an invitation to build the systems that protect it. Every business is unique, so consult a certified financial planner or certified public accountant before making major financial decisions.
