Are You Financially Prepared for the Most Expensive Quarter of the Year?
Coach D's Perspective
October has a way of making us feel like there is still plenty of year left. Then suddenly we're buying Thanksgiving groceries, ordering holiday gifts, making travel plans, attending events, and wondering how January arrived so quickly.
The final three months of the year can be some of the most expensive, and it isn't only because of the holidays. Open enrollment decisions may need your attention. Annual expenses may be approaching. Family activities increase. Travel, entertaining, gifts, charitable giving, and end-of-year events can all compete for the same dollars. Meanwhile, the regular bills don't stop simply because the calendar is full.
This is why I don't believe in waiting until January to get serious about your finances. There are financial decisions you can make now that will help you finish this year intentionally and enter the next one prepared.
The Money Conversation
Being financially prepared for Quarter 4 doesn't mean you can't enjoy it. I don't believe financial responsibility requires you to sit out the holidays, skip every dinner, or say no to everything you enjoy. Preparation simply means deciding what you can comfortably spend before the invitations, sales, travel plans, and last-minute expenses start making those decisions for you.
Start by looking at what you already know is coming. Are you traveling for Thanksgiving or Christmas? Who are you buying gifts for? Are you hosting anything? Do you have annual bills due before December 31? Are there school activities, family traditions, birthdays, or events that tend to make this season more expensive?
Then look beyond spending. Quarter 4 is also a good time to review the financial decisions connected to your benefits and protection. If your employer has open enrollment, don't automatically select the same options you had this year without reviewing them. Look at your health coverage, insurance elections, retirement contributions, and other benefits available to you. Your life may have changed since the last time you made those selections.
A little attention now can prevent a lot of financial scrambling later.