Financial Fourth Quarter: Get Ahead Before the Year Ends

The last quarter of a football game is, some would say, the most important quarter of all. In the fourth quarter, teams have one final chance to score a touchdown, nab a field goal, or scoop up an extra point however they can. Of course, taking the lead in the fourth quarter may require a change of strategy—and getting ahead in your own financial fourth quarter isn’t so different. 

Redraw Game Plans 

Hoping to score a few financial wins before the new year? It might be time to go back to the drawing board and re-think your strategy. The budget which made sense in January or May might not make sense toward the latter half of the year—whether that’s because bills and debts are piling up, or because you’ve recently received a salary increase and have more liquid funds to work with. Consider making a brand new budget to carry you into the final quarter. 

Analyze the Earlier Plays 

In the last quarter of a game, teams may change their strategy based on trends they’ve noticed in the first part of the game. When it comes to finances, you can do the same. Look over your income and expenses for the first three quarters of the year. Is entertainment and meal spending creeping higher and higher? How much are you saving each month? Take note of any patterns you’d like to change during the remainder of the year. 

Think Small to Plan Carefully  

Coaches often help their players plan out just a few seconds of game time, which is a great reminder of the power of thinking small. If building a budget to cover a few months sounds too intimidating, take it day by day. How much can you save by lowering daily expenditures? What would your finances look like if you spent an hour finding a new credit card with better rewards? Just a few minutes spent focusing on your finances really can make a difference. 

Start and Stop as Needed  

One complaint people sometimes make about the game of football is that it’s very start-and-stop. But when it comes to finances, the ability to start and stop as needed can be critical. In other words, stay flexible. If you come into a sudden windfall, it might be time to start building an emergency savings account. On the other hand, if you’re facing rising credit card bills, you may wish to stop prioritizing retirement and focus on paying off the high-interest debt.  

Take a Time Out  

The final quarter of the calendar year is one of the busiest and most expensive seasons. If you’re not ready to tackle the financial hurricane of holiday shopping…why not take a timeout? Instead of spending on special meals and shopping, find low- or no-cost alternatives. You might even explain your shopping timeout to friends and see if anyone else wants to join you in taking a break from the “buy buy buy,” so you can all focus on the true meaning of the season.   

Don’t Give Up Early  

Now is not the time to give up! In the fourth quarter of the game, the losing team can come from behind and win it all; achieving that dramatic ending every sportsperson dreams of. If you haven’t met your financial goals for the year, don’t lose hope. Reorient your strategy and choose a few small goals which can be met in the next couple of months. For example, you might aim to cut unused subscriptions from your monthly bills or simply to learn more about debt management programs.