2024 is flying by, and if you’re looking back and thinking, "Where the hell did all my money go?"—trust me, you're not the only one. But here's the thing: just because you didn’t stick to those ambitious New Year's resolutions doesn't mean the year is a lost cause. You’ve still got time to turn things around, stack some cash, and set yourself up for a better financial start in 2025.
That’s right—it’s time to step into Financial Planning Month (October), which is basically your golden opportunity to get your money right before the holiday madness hits and drains your wallet faster than you can say “Black Friday.”
Grab your pumpkin spice latte, sit down with your spending plan (yes, it’s time to look at it again), and let’s map out a strategy for you to crush the rest of 2024. Here’s your game plan.
1. Personal Finance Planning for Year-End Financial Success 📅💰
We’ve got three months left in 2024—plenty of time to make some key moves. Whether you want to ramp up your savings, knock out some debt, or prep for holiday spending without going broke, you need to have a clear plan. Winging it isn’t going to cut it.
Step 1: Take a Hard Look at Your Spending
Before we talk about saving or investing, let's start with the basics: where’s your money actually going? Take the last three months of bank statements and highlight your spending categories. Yeah, this can be a painful process, but you need to face the reality of where you’re leaking cash. Eating out? Impulse Amazon buys? Subscriptions you forgot about? It all adds up.
Cut out the garbage and figure out what’s really important. The goal here isn’t to eliminate all your fun—it’s to stop mindless spending and free up more cash for things that actually matter.
Step 2: Set Realistic Goals for the Rest of the Year
Pick one or two things to focus on in these last few months. Maybe it’s setting up an emergency fund, paying down a high-interest credit card, or saving for a holiday trip. Whatever it is, get specific: how much do you need, and what’s the plan to get there? This isn’t the time for vague goals like "save more." We need numbers, baby!
Step 3: Make Small Moves for Big Wins
If you’re feeling overwhelmed by the idea of overhauling your entire financial situation in 90 days...just breathe! You don’t need a full makeover right now—just focus on a few small tweaks. Automating your savings, negotiating a bill or two, and cutting back on takeout can make a bigger difference than you’d expect. These aren’t life-altering changes, but they add up fast. By the time New Year's Eve rolls around, you’ll be thanking yourself for making these small adjustments.
2. October is Financial Planning Month 📝💥
Alright, let’s talk about why October is actually the best time of year to get your financial shit together. It’s Financial Planning Month, and while that might sound like something boring your accountant made up, it's actually a prime opportunity to reset your goals and get ahead before the holiday chaos hits. It's time for some smart personal finance planning...
Here’s how you can use this month to set yourself up for a strong finish to 2024:
1. Review Your Spending Plan (Again)
Look, I’m gonna keep hammering this point because it’s that important: if you’re not tracking your spending, you’re losing control. So take some time to review your spending plan—or make one if you haven’t already. Ask yourself: are you still on track for the goals you set earlier in the year, or have things gone off the rails? If summer vacation or unexpected expenses threw you off, now’s the time to recalibrate and refocus.
2. Set a Year-End Savings Target
Saving doesn’t have to stop just because the year is almost over. In fact, now’s the perfect time to squeeze in some last-minute savings before the holidays. Whether you’re aiming to stash an extra $1,000 or $100, any amount saved will help cushion the financial blow that’s coming when holiday shopping kicks into full gear. Think of it as your "December Survival Fund."
3. Plan for Holiday Spending NOW
The holidays are notorious for wrecking people’s finances, but you can dodge that bullet by planning ahead. Start making a list of who you need to buy for, what kind of gifts they’re getting, and how much you’re willing to spend. We’ll dig deeper into this later (spoiler: holiday budgets are non-negotiable), but for now, just start thinking about it.
4. Check in on Your Investments
If you’ve been consistent with your 401(k) or IRA contributions this year, now’s the time to see how things are looking. Are you on track to max out your contributions for 2024? Do you need to rebalance your portfolio before the year ends? If you haven’t looked at your investment accounts in a while, do it now—it’s not as intimidating as it sounds, and future you will thank you.
3. Boost Your Savings (Without Sacrificing Your Soul) 💵✨
Saving doesn’t mean living like a monk or giving up every little thing that brings you joy. Let’s be real—you’re not going to cut out every splurge, and that’s okay. But you can save more without feeling deprived. Here’s how:
1. Automate Your Savings
Seriously, if you’re not already doing this, get on it. Set up an automatic transfer to your savings account every payday, and forget about it. Even if it’s just $50 a month, that’s $600 by the end of the year, and you won’t even feel it.
2. Get Ruthless with Your Subscriptions
Do you really need Netflix, Hulu, Disney+, AND HBO Max? Probably not. Go through your subscriptions and cancel anything you haven’t used in the last month. Trust me, you won’t miss it—and that extra $10 or $20 a month can go straight into your savings.
3. Funnel Side Hustle Income into Savings
If you’ve got a side hustle going (or you're thinking of starting one), use that extra cash wisely. Instead of blowing it on stuff you don’t need, set it aside for savings. Side gig money is perfect for stashing away because it’s extra income that you didn’t count on in the first place.
4. Use Cash-Back Apps and Rewards Programs
You’re already spending the money, so you might as well get something back for it. Apps like Rakuten or Ibotta give you cash back on everyday purchases, and if you use a rewards credit card (and pay it off in full each month!), you can rack up points, too. Just don’t go overboard or spend more than you planned just to earn rewards—that defeats the whole purpose.
4. Create a Holiday Spending Plan 🎁💳
The holidays are coming—fast!—and if you don’t plan ahead, you’ll end up spending more than you want to (or should). The good news is that with a little planning, you can have a killer holiday season without going into debt. Here’s your step-by-step guide to surviving the holiday spending blitz.
1. Set a Total Holiday Budget
Before you do anything, decide how much you’re willing (and able) to spend this holiday season. That includes gifts, food, travel, decorations, and all the random extras that seem to pop up. Whether your total is $500 or $5,000, figure out what’s reasonable for you, and don’t go over it—no matter how tempting those Black Friday deals look.
2. Make a Gift List with Spending Limits
Write down everyone you plan to buy for, from your partner to your coworkers to your dog walker. Next to each name, set a spending limit—and stick to it. If you want to get really detailed, plan out what kind of gift each person is getting so you don’t end up wandering the mall (or scrolling Amazon) aimlessly.
3. Plan for Holiday Meals and Decorations
Holiday spending isn’t just about gifts—don’t forget about the big dinners, decorations, and even travel if you’re going to see family. Add these into your overall holiday budget, and see if there are ways to cut costs (like DIY decorations or potluck-style dinners). Trust me, it’s better to plan for this stuff now than to be hit with a massive grocery bill right before Thanksgiving.
4. Start Shopping Early
Last-minute shopping is a budget killer. When you’re under pressure, you’re way more likely to overspend on whatever you can find at the last minute. Avoid the panic by starting your shopping early—spread it out over a couple of months, and take advantage of sales when you can.
Wrapping It Up
There you have it—your ultimate guide to crushing the rest of 2024 without letting your finances spiral out of control. Whether you’re building up your savings, managing holiday expenses, or just trying to get your spending plan in order, it’s all about making small, strategic moves. By the time the ball drops on New Year’s Eve, you’ll be in a much stronger financial position to kick off 2025.
So, what are you waiting for? Let’s make the last few months of 2024 count—because your financial future is way too important to leave until next year.
*If this information seems very overwhelming or you would like to start moving you finances into a better direction, set up a free 15 preliminary call, so we can get you going!
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