Let us take a guess; you could not be happier that the holiday season is almost here, and of course, that is with good reason; it has been a whole year working, and we are just happy to be close to getting a break. Now, as everyone is getting ready to boogie down, there is usually some reflection in the mix, and that usually reaches the financial aspect.
This is about the time when many reach for their new year's resolutions and goals, while some might have hit or even surpassed them, some find that their balance sheet is not balancing or is not quite where they hoped it to be. This happens for different reasons; issues ranging from market volatility suddenly discouraging you, or unexpected expenses derailing your savings and investment plans.
This is where the pressure starts getting worse and worse, but stop it there. This final quarter is not the time for regret; if you analyse and use it well, it could just be your 11th-hour miracle moment. You can still rake in last-minute financial wins before the year ends; what you need is a mindset shift and a commitment to intentional and strategic action.
Credlanche is here to help you with that, and we are bringing to you your professional guide to securing a meaningful comeback before the clock hits 12 on December 31st.
Seal All Leaks
For a patient who has an injury that keeps bleeding, it is not enough for their body to continue producing more blood; the bleeding source needs to be blocked and healed. It is the same thing here, making money is great, but to make a significant financial comeback, you need to go beyond and seal any bleeding source in the form of debt and spending habits. In other words, you need to do an aggressive cleanup of your finances.
You can start by attacking any high-interest debts. So, instead of spending so much energy managing and being economical, you can direct the funds and energy to servicing debts that could ruin you, because even a small lump of money can save you thousands worth of interest over time.
You should also check out subscriptions that you might have forgotten; they might just be the weapon fashioned against you. Those recurring charges: streaming services, gym memberships that you have not used since January, anything of that sort, CANCEL IT! If you do not use it, cancel it; these costs are what we call "death by a thousand cuts" for your finances.
What more? The effect is immediate; you have more money in your pocket almost immediately.
Time for a Checkup
Of course, you should get yourself checked, but in this case, we are talking about a financial checkup before you relax for the holidays to be sure that your safety net is still keeping you safe.
At the beginning or at some point in the year, you probably did some asset allocation to decide what you want to invest in and to what degree. In that same year, fluctuations (and maybe impatience) probably made you shift it; so, now is the time to reevaluate and rebalance. It shows your discipline and intentionality, while locking in your profits and ensuring that your risk level aligns with your goals.
All of these are to let you know that the pressure and urgency from the final part of the year can be redirected for better productivity. So, focus on those last-minute and deliberate actions to tidy up and make your most powerful moves.