💸 Getting Your Money Ready for Q4 💸

In this Issue

• This Week's Money News

• Getting Your Money Ready for Q4

• Weekly Tidbits

A curated selection of money news from the week

This Week’s Money News

• Dr. Erica Jordan-Thomas and Alex Beightol discuss what happens when you’re a Black woman who’s achieved financial wealth.

• Not all social media personal finance trends are worth knowing. Here are a few that are.

• Here’s more on how to use social media intelligently when it comes to your finances.

Getting Your Money Ready for Q4

Here’s What to Know

It’s the final week of September, and we’re already entering Q4. Where did the time go!? While I can’t answer that question, I can answer a few questions about how you may want to think about preparing your money for the Q4 season.

For most of us, Q4 is busy. Between holidays and life stuff, there’s a lot of spending to consider. Here’s a quick list of dates to help ensure some of the most important dates are top-of-mind. If you like to stay ahead, you can check out a complete list of essential money dates here. These dates don’t fluctuate much year-over-year, so the 2024 list will be helpful for 2025. Next year, Ed. Opal will likely post its own calendar with important dates to remember. In the meantime, let’s take a look at Q4 2024.

🎃 October

October rings in the final quarter of the year. You can expect to spend money on anything from costumes to Homecomings to early Christmas presents. Setting aside a few bucks before these larger expenses could help offset the shock to your bank accounts later in the season. Fall also ushers in a new promotion cycle at some companies. Promotions can be instrumental in helping secure a more comfortable salary. Read more for details on preparing, and keep these October dates in mind.

📅 October 15 | Tax Filing Extension Deadline

Why it’s important: 
If you requested an extension for your income tax filing, that extension is now up.

What to do:
Be sure to get those tax filings!

📅 October 21 | My Birthday

Why it’s important:
My birthday! 🎉 

What to do: 
Nothing. I just wanted ya’ll to know. ☺️ 

📅 October 31 | Halloween

Why it’s important:
Halloween! If you celebrate this holiday and plan to party it up or splurge on a costume, remember this date.

What to do:
Have fun, and if you’re up to it, share your costumes with EO! Halloween is my favorite holiday, so I’d love to see what you all come up with to channel your inner ghouls and goblins.

📅 October-ish | Promo Cycles

Why it’s important:
We can’t talk about money without talking about the primary source of income for most of us: our careers. Promotion cycles for companies begin in the fall. In addition to fall promo cycles, some companies have spring promo cycles, so be on the lookout for that date announcement sometime next year.

What to do:
To help set yourself up for this quarter’s promo cycle, go into conversations with your managers with receipts. Be ready to share details about projects you landed, positive feedback you received, and new processes or procedures you developed that positively impacted your team or larger ecosystem. If you don’t have one already, create a folder to track work success and feedback so that things are ready to go when it’s time to show your impact and readiness for the next level. To save time, you can share this folder with your manager so they stay up-to-date on your impact in real-time. If you’ve secured a promotion this year, CONGRATULATIONS! We know it was well-deserved. Take time to calculate the difference you’ll experience in your take-home pay, then decide what you want to do with that extra cash. You can beef up your 401(k) contributions, pay down credit card debt, or put some of the extra take-home toward a celebratory trip - the options are plentiful. Deciding what you want to do with that money before it starts hitting your checking account will help you have clarity and commit to its’ usage.

📅 October-ish | HBCU Homecoming Season
Why it’s important: 
HBCU Homecoming can get expensive. Homecoming adds up between the travel, finding tailgate and party outfits, and event tickets. 

What to do:
If you’re traveling for homecoming, keep updated on your institution and class’s planning committee emails. Those committees often secure room blocks or other discounts for alumni rolling into town. Does your institution have the correct email? Now’s the time to check.

📅 October-ish | Check In with Your Tax Professional
Why it’s important:
No one likes a surprise tax bill. Did your job or income change this year? Did you relocate? Are you sure you’ve been paying enough taxes throughout the year?

What to do:
To answer that last question and address the impact of the others, be sure to check in with your tax professional. Let them know that you want to ensure your taxes are squared away so there are no surprises during the 2025 tax season. If you’ve been paying too much in taxes, now might be a good time to scale back. If you’ve paid too little, a tax professional will help identify where there may still be time to lower your tax liabilities via charitable donations or other strategies.

📅 October-ish | Plan for Education
Why it’s important:
The FAFSA (Free Application for Federal Student Aid) is something to keep in mind if you’re considering enrolling in school yourself, or if you have a child looking to enroll next year.

What to do:
Stay updated on the FAFSA website. There have been a few changes that you may want to stay abreast of. Start gathering any important documents that will help you complete the application accurately. If you already have student loans, take inventory of what you have remaining to pay on the outstanding loans and what you can still borrow. Make plans to pay for your education outside of loans where possible.

🍁 November

November brings us another month of potential travel and higher-than-usual expenses. It also provides an opportunity to reevaluate our benefits package. For many of us, open enrollment opens this month. Read below for how to head into the season, ready to optimize your benefits package.

📅 November 28 | Thanksgiving
Why it’s important: 
Who’s responsible for the turkey this year? Are you hosting or being hosted? Either way, there’s an opportunity to prepare financially. If you’re not celebrating Thanksgiving, this may be an excellent time to give to Indigenous-led causes and programs.

What to do:
If you’re reading this email now and get paid bi-weekly or bi-monthly, you have a few paychecks to go before you need to purchase your airline tickets. You have even more time before you need to get all the ingredients for that splendid mac and cheese. Set some funds aside in preparation for those purchases. It doesn’t have to be a lot! Even $25 over the next four paychecks will be enough to make your flight purchase feel slightly less hefty.

📅 November 29 - December 2 | Black Friday and Cyber Monday
Why it’s important:
We’re officially at what feels like the most aggressive consumer marketing of the year - Black Friday and Cyber Monday. According to Money Digest and an Adobe Analytics report, 2023’s Cyber Monday clocked in $12.4 billion in sales. Suffice it to say that planning for the expenses of these highly-anticipated (and sometimes high-anxiety) shopping days is worth your time.

What to do:
Decide how much you’re willing to spend before you need to spend it. Have honest conversations with loved ones about what they can expect from you this year and why it’s important to you to stick to your budget.

📅 November-ish | Open Enrollment
Why it’s important:
If you’re not self-employed, I hope you’re taking advantage of every benefit your current employer offers.

What to do:
Take some time to review your healthcare spending this year. Were you adequately insured based on your and your family’s healthcare needs? Are you planning for big healthcare purchases next year, like braces for your child or a planned medical procedure for yourself? Go into open enrollment with a plan, and if you’re not sure about your options, schedule some time with your benefits team to ask questions and get more details on your company’s offerings.

☃️ December

We’ve made it to the final month of the year and, for many, the final month of hefty spending for a little while. While December is relatively quiet, there are still some things to keep in mind.

📅 December 25
Why it’s important:
Christmas is one of the most expensive holidays of the year, so consider it when planning your Q4 financials.

What to do:
Try your best to stick to the budget you created for yourself earlier in the quarter. Remember why that budget is important to you, and get ready to celebrate the lovely holiday with your loved ones. This is also a great time to reflect on what you want to keep and drop for 2025. What spending habits served you well this year? Which ones didn’t? How do you want to feel about your money next year? These are great questions to ask and will help you create a solid foundation for 2025.

So, that’s a lot of dates! Take the ones that help (or are mandatory) and leave the others. Did I miss any dates? Let me know by responding to this email. Here’s to a great Q4.

Weekly Tidbits

A Few More Things…

💬 Money Vocabulary: Financial Therapy: Financial therapy merges finance with emotional support to help people cope with financial stress. Read more here, and be sure to check out the Financial Therapy Association.

🧘🏾‍♀️ Mindful Money Prompt: As I head into the final quarter of the year, what spending habits have most supported me in 2024? What spending habits do I want to drop in 2025?

📠 Money Quick Fact: Of over 100 Black-owned banks created between 1888 and 1934, only nine survived the Great Depression. Read more here.