3 money moves for the fourth quarter
Similar to how Steph Curry and Patrick Mahomes really come alive in the 4th quarter of their games, you should make money moves in the fourth quarter every year. Where to start? Here are three ideas…
Prepare the new year’s budget: Next year is a new year and things are changing. You may get a raise but you also may see the need for large purchases next year. Whether it’s a dishwasher or a new car, now is the time to start planning ahead and making tweaks to your 2022 budget.
Adjust your 401(k): I know. There’s not a lot of positivity these days when you look at your 401(k) statements. But HOPEFULLY things will turn around sooner than later. You’ve got less than three months left to get your account as close to maxed out as you can, so take advantage over the rest of the year. Also, it might not hurt to reach out to an expert and find out if you need to rebalance your allocations.
Take a look at your FSA: A lot of Flexible Spending Accounts have to be used by the end of the year. So if your FSA is holding a wad of cash, use it! Go to the doctor. Get your eyes checked. Get some fancy new glasses. You may also be able to spend it on outside the box purchases like an air purifier, fitness watch, or baby stuff. Just make sure to check with your FSA administrator to see if items are eligible.
There are a lot of ways to get your money in top shape before the end of the year, so be proactive and get your wallet ready for 2023!
