By: AnnaMarie Mock, CFP®
As we close out the third quarter of the year, it's a natural time to pause and take stock of your progress toward your financial goals. By this point in the year, nine months of progress, challenges, and decisions have shaped where you stand today. With three months ahead, there's time to fine-tune your approach, close gaps, and position yourself to finish the year strong.
Whether your goals include building long-term wealth, saving for a major milestone, or simply keeping your day-to-day finances on track, now is the perfect moment to pause, evaluate, and realign. Taking a few intentional steps today can help ensure your savings, investments, and budget all stay pointed in the right direction.
Here are some key strategies to help you stay on target with your savings, investments, and budgeting as we move into the year's final stretch.
Revisit Your Goals and Priorities
The first step in any financial check-in is to revisit your goals. Are they still realistic and aligned with your priorities? Life can change quickly—career moves, new family responsibilities, or even economic shifts can reshape what's most important.
Take time to review your short-term goals (such as building an emergency fund or saving for a vacation) and long-term goals (like retirement or a home purchase). If your objectives have shifted, it may be necessary to realign your savings and investment strategies. Adjusting now ensures you don't end the year working toward goals that no longer reflect your situation.
Evaluate Your Savings Progress
By the end of the third quarter, you may be close to 75% of the way toward your annual savings goals. If you're behind, don't be discouraged; there's still time to make meaningful progress before year-end. Consider increasing your automatic transfers, even a small amount, to steadily build momentum.
Take advantage of year-end opportunities, such as bonuses, by directing a large portion of that income straight into savings rather than discretionary spending. Trimming discretionary expenses like dining out, travel, or subscriptions can free up extra cash to help you close the gap. Even if you fall slightly short, these disciplined adjustments move you closer to your goal and establish habits that will benefit you well into the future.
Review Your Investment Portfolio
The end of Q3 is also a good time to check in on your investment accounts. Markets fluctuate, and portfolios that were balanced at the beginning of the year may now be skewed.
Rebalance if needed - If certain assets have grown disproportionately, your portfolio may no longer reflect your intended risk level. Rebalancing can help keep your investments aligned with your goals.
Stay focused on the long term - Reacting to short-term market movements is tempting, but successful investors know that patience and discipline are key. Unless your goals or risk tolerance have changed, avoid making drastic moves.
Consider tax planning - With a few months left in the year, this is the right time to explore tax-loss harvesting opportunities or evaluate contributions to tax-advantaged accounts.
Reassess Your Budget
Budgeting often starts strong in January, but by the time fall arrives, lifestyle creep and unplanned expenses can throw things off course. A Q3 check-in is the perfect opportunity to evaluate whether your spending aligns with your priorities.
Track actual vs. planned spending - Compare what you've budgeted with what you've spent. Pay special attention to discretionary categories like dining out, subscriptions, or travel.
Anticipate upcoming expenses - The fourth quarter often brings holiday costs, travel, and year-end commitments. Planning now can prevent overspending later.
Adjust categories as needed - A budget is a living tool. If your circumstances have changed, rebalance your spending plan to support your goals better.
Sharpen Your Tax Planning
Tax planning shouldn't wait until April—it's most effective when done throughout the year. The end of Q3 is a great time to get proactive:
Maximize contributions - Ensure you're on pace with retirement plan contributions (401(k), IRA) or accounts like HSAs and FSAs, which also provide tax advantages.
Check your withholding - If you've had a change in income or life circumstances, review your tax withholding to avoid surprises at filing time.
Explore tax-loss harvesting - If you have investments in taxable accounts, this may be an opportunity to offset gains with losses while staying invested in the market.
Plan charitable giving - Donating appreciated stock or making year-end gifts can provide both philanthropic impact and tax benefits.
Meet with your advisor or CPA - A professional review before year-end can highlight opportunities for deductions, credits, or strategies that lower your overall tax burden.
Charitable giving - If philanthropy is part of your plan, identify causes so you can give intentionally before December 31.
The Bottom Line
The end of summer is more than just a milestone on the calendar—it's a chance to pause, reassess, and reenergize your financial plan.
Remember, financial planning is not about perfection. It's about making steady, intentional progress toward the goals that matter most to you. A quick check-in today can make a meaningful difference tomorrow.
These are all areas where Highland is here to guide and support you. As your dedicated accountability partner, we proactively assist with planning, follow-through, and regular check-ins—ensuring you stay on track and confidently achieve your goals.
AnnaMarie Mock is a CERTIFIED FINANCIAL PLANNER™ and Partner at HIGHLAND Financial Advisors, LLC, a Fee-Only financial planning firm that offers comprehensive financial planning, retirement planning, employer retirement planning, and investment management. AnnaMarie graduated from Montclair State University with a degree in finance and management and successfully passed the CFP® national exam in 2016. She has been working at Highland Financial Advisors since 2013 as a fee-only, fiduciary Wealth Advisor and is a member of NAPFA.
The foregoing content reflects the opinions of Highland Financial Advisors, LLC, and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions, or forecasts provided herein will prove to be correct.
Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses, which would reduce returns.
Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful or that markets will act as they have in the past.
The above article was written with the assistance of artificial intelligence (AI).