How To Finish the Year Financially Strong, According to Rachel Cruze

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Fall can feel like crunch time for your finances. You’ve passed the heady spending days of summer, and the end of the year is looming. You might wonder whether you’re ready for the holidays or whether you’ve met the lofty goals you set in January.

In a recent YouTube video, money expert Rachel Cruze shared five tips for getting yourself back on track and finishing the year financially strong. 

Revisit Current Goals

Last December, a Fidelity Investments survey revealed that two-thirds of Americans were planning financial New Year’s resolutions. If you were one of those and haven’t followed through, it’s not too late to recover.

Cruze recommended reviewing the goals you set for yourself at the beginning of the year. If you didn’t set New Year’s goals, look at other financial targets you’ve set. Maybe you started budgeting after tax time and told yourself you’d invest more this year.

Consider your progress. If you already achieved your goals, Cruze suggested setting a next-level goal to challenge yourself before December. If you’ve fallen behind, you can set a more modest catch-up goal.

Deep-Clean Your Budget

Regular budget check-ins set you up for success, and fall is the perfect time to do one. Look at your budget data for the past eight months and evaluate your spending. Identify categories where you went over your budget or spent under your budget. 

Cruze encouraged viewers to identify patterns of overspending and underspending and consider them for next year’s budget plan. For example, if you consistently go over your food budget but have extra money in your clothing budget, consider shifting those numbers around. 

Commit To Reducing Debt

Like the rest of the Ramsey Solutions team, Cruze advocates for getting out of debt. She encouraged viewers to prioritize debt relief in the last few months of the year, whether eliminating credit card spending for the next few months or paying off just one debt account. 

“Time is on your side,” she said. “Get motivated again and have those bite-sized goals for the end of the year to keep you going.” Set yourself up for a win and finish the year feeling good about your no-debt journey.

Budget For the Holidays

In 2023, consumers planned to spend an average of $875 on the winter holidays, including $620 for gifts and $255 on festive supplies, like food and decorations, according to National Retail Federation data. For 37% of consumers, holiday splurges would take two months or more to pay off, while 7% expected to still be paying them off in June, per an Achieve survey.

This financially dangerous cycle can set you up for failure at the end of the year. Instead, Cruze recommended planning ahead for your expenses. Set spending limits for everything from Halloween costumes to family gifting. You’ll control your impulse spending without limiting holiday enjoyment.

Set a Year-End Saving or Investing Goal

Finally, Cruze recommended preparing for success by creating a year-end savings or investing target. Make it specific and realistic, and start contributing as soon as possible.

The sooner you start, the more motivated you’ll be to reach your goal.

Share This Article: