The Q2 Pivot: Year-End Financial Planning Moves for Big Wins

Q1 is in the books. Whether your finances are right on track or you feel like you blinked and somehow veered off course, now’s the perfect time for a Q2 pivot. Think of it like a halftime adjustment in a big game—small changes now can put you in a winning position by year-end.

Here’s how you can make strategic money moves in the second quarter that’ll pay off big by December.

1. Reassess Your Spending & Saving Habits

Life comes at you fast, and so do expenses. Maybe your budget got a little loose in Q1 (looking at you, impulse Amazon buys). Now’s the time to check in.

• Review your bank and credit card statements—are there any recurring charges or categories where spending crept up?

• Adjust your budget if needed. If you’re spending too much in one area, can you shift funds toward savings or investments?

• If you got a raise or bonus, have you put any of that money to work, or did it disappear into lifestyle creep?

A quick refresh now means you won’t be scrambling to course-correct in Q4.

2. Maximize Employer Benefits Before It’s Too Late

Your company’s benefits aren’t just a set-it-and-forget-it deal. Q2 is a great time to check:

• 401(k) Contributions – If you’re not on pace to max out your contributions ($23,000 in 2024, or $30,500 if you’re 50+), consider increasing your contribution percentage.

• HSA/FSA Funds – If you have a health savings account (HSA) or flexible spending account (FSA), make sure you’re taking full advantage. If it’s an FSA, you may have a "use it or lose it" deadline.

• Employer Stock or Bonuses – Some companies issue stock or bonuses mid-year. What’s your plan for that money? Investing, debt payoff, or tax-efficient strategies could all be in play.

3. Get Ahead on Tax Strategies

Speaking of taxes, Q2 is the perfect time to make proactive moves rather than scrambling next April.

• Check Your Withholding – If you got a massive tax refund (or a big bill) this year, adjust your withholding now so next tax season isn’t a surprise.

• Tax-Efficient Investing – Have you considered tax-loss harvesting? Or shifting some investments into more tax-friendly accounts?

• Roth IRA Conversions – If your income is lower this year due to a job change or other reasons, a Roth conversion might be a smart move to lock in lower tax rates.

4. Tackle High-Interest Debt Before It Snowballs

High-interest debt is the silent killer of financial progress. If credit card balances have crept up, now’s the time to take action before interest charges eat into your savings.

• Prioritize paying off anything with double-digit interest.

• Consider a balance transfer to a lower-rate card or a personal loan if it makes financial sense.

• Automate extra payments—small, consistent amounts now can save you thousands in interest over time.

5. Plan for Big Year-End Goals

Thinking ahead isn’t just about investments—it’s also about aligning your money with your personal goals. Are you planning a big holiday trip? Want to hit a savings milestone by December? Need to fund a home renovation?

The earlier you set a plan, the easier it is to hit your goal. Break it into monthly steps and automate as much as possible.

Final Thought: Get Ahead on Year-End Financial Planning

It’s easy to let another quarter slip by without making meaningful financial changes. But taking action now with a solid year-end financial planning strategy can set you up for success. But a few small, intentional moves now can make a massive difference by year-end. The key? Consistency and a little strategic planning.

Not sure where to start? That’s where we come in. At Halter Ferguson Financial, we specialize in helping clients make smart, forward-thinking financial decisions—because the best financial moves are the ones made before they’re urgent.

Let’s map out your next steps together. Reach out today to set up a personalized strategy session.