It is a good idea to clean rods with a damp rag and inspect the wrappings on guides. Also run a piece of yarn through the guides to check for rough places and cracks, especially on ceramic guides. Those kinds of places can cut your line, and it will happen when you are fighting a big fish. The wrappings can fail at the worst possible moment, too. So replace bad guides.
Check the reel seat and make sure they are holding the reel tight. Oil any threads and bolts that tighten to clamp the reel. And make sure handles are still tight on the rod and that they don’t have any bad places that need work.
Reels need to be washed on the outside and taken apart to clean and oil the inside. Years ago I put a gob of Vaseline on the gears but that just attracts dirt. Clean all internal parts of the reels then lightly oil them. During the process look for worn or broken parts that need replacing.
This is not a good time to replace fishing line unless you are going fishing soon, because cold weather makes it get stiff and it goes bad fast. Take old line off the reels and make sure backing is tight, so you will be ready to spool up just before going fishing when it gets decent outside.
Go through all your lures and hooks. Change rusty hooks on lures and sharpen all the hooks. Clean lures with a tooth brush and then rinse them off. Spinnerbaits need to have their blades cleaned with silver polish and skirts should be replaced if they are getting old and stiff.
Sort plastic baits into Ziploc bags and label them so you can find the color and size you want. You can wash dirty ones and re-bag them, too.
Work on all your fishing equipment this winter. Or, rather than doing all this, you can hope for new outfits for Christmas!