Q4 Financial Check-In: How Are You Doing with Your Financial Goals?
At the beginning of the year, there was probably a financial plan.
The plan could be to take savings up a notch or simply be more intentional about saving. Pay off a debt. Build an emergency fund. Start investing. Spend less or simply get better at managing money.
Now, it’s Q4.
Some of those goals may be going well. Some may have barely moved. And there may be one or two that are still sitting on the list.
You may have already checked in on these goals earlier in the year. Maybe there was a mid-year review around July, or a quick look at the end of the last quarter. Either way, there is value in looking at them again before the year ends.
So, this check-in is less about asking, “Did I achieve everything I planned?” and more about looking at what has changed and whether the plan still makes sense for the months ahead.
Start with where you actually are
Start by looking at the goals you set and compare them with what has actually happened.
If the goal was to save ₦1 million by December, how much has been saved so far?
If the plan was to clear a debt, how much has been paid off?
If the goal was to build an emergency fund, how many months of expenses can it currently cover?
The point is to look at the numbers without trying to make them look better than they are.
You may find that progress has been slower than expected. You may also realize that you have made more progress than you thought.
You might even find that you’re right on track or ahead of where you expected to be. If the original target is looking increasingly achievable, there may be room to increase it or put some of that extra capacity towards another priority.
And if this isn’t the first review of the year, compare the numbers with where they were at the last check-in too. Has the gap become smaller? Has progress stalled? Are you moving faster than expected?
Look at what happened, not just what didn’t
If a goal hasn’t gone as planned, don’t stop at the fact that it hasn’t been achieved. Look at what got in the way.
It could be that the goal wasn’t realistic enough, or that it was realistic but wasn’t followed consistently.
There are also goals that are going exactly as planned. If a savings target is on track, for instance, the question may simply be whether the current pace still makes sense.
The point is to understand what happened to the plan after it met real life.
Ask whether the goal still makes sense
A financial goal doesn’t become permanent just because it was written down at the start of the year.
Take a second look at each one.
Does it still matter? Is the amount still realistic? Is the deadline still reasonable? Has something more important taken priority?
For example, a goal to save ₦5,000,000 may have made sense when the year started. If progress has been slower than expected, look at what can realistically be saved between now and December.
If the target is already within reach, ask whether there is room to aim higher or whether it makes more sense to move on to another financial priority.
What matters is having a financial plan that reflects what is actually possible and what matters now.
Decide what needs to change
Once you have a clearer picture, decide what to do with each goal.
Stay on course
If the goal is on track and the approach is working, keep going.
Increase the target
If the original target is comfortably within reach and there is room in the budget, consider aiming higher or putting the extra money towards another priority.
Reduce the target
If the original amount is no longer realistic, choose a smaller amount that can still be achieved without putting other priorities under pressure.
Change the strategy
If the goal still matters but progress has stalled, look at what needs to change in the way the goal is being approached.
Replace the goal
If the reason for the goal no longer exists or another priority has become more important, it may make sense to put the money towards something else.
There is still time left in the year, but Q4 is not the time to panic and try to accomplish everything at once.
Look at what can realistically be done between now and December. Choose the goals that matter most, break them into smaller actions and make a realistic plan for the months ahead.
NOW TO THE NEWS
Vale Reminds Users to Join the Detty December Challenge
At Vale Finance, we are helping users save smarter while preparing for the festive season through our Detty December Challenge. This goal-based savings initiative is designed to make setting aside money for holiday-related expenses both fun and rewarding.
Participants can save specifically for festive needs such as gifts, travel, parties, and celebrations, while earning up to 12% interest per annum on their savings. In addition, users receive an extra 5% bonus on interest earned, giving them even more value for their money.
The challenge runs until 15th December and is open to both new and existing Vale app users. Don’t miss the opportunity to save with purpose and make your festive season financially stress-free.
Naira Gains 0.97% as Weekly FX Turnover Falls $1.05bn
The naira strengthened against the US dollar at the Nigerian Foreign Exchange Market (NFEM) during the week, closing at N1,322.50/$ on Friday, September 4. The rate was unchanged from Thursday but represented a 0.97% gain from the N1,335.50/$ recorded at the start of the week.
The currency appreciated across three consecutive trading sessions, moving from N1,335.50/$ on Monday to N1,329/$ on Tuesday and N1,324.50/$ on Wednesday before reaching N1,322.50/$ on Thursday and holding at that level on Friday. The closing rate was supported by a weighted average rate of N1,321.22/$, with trades during Friday’s session ranging from N1,319.45/$ to N1,324/$.
Despite the naira’s gains, activity in the official foreign exchange market declined significantly. NFEM turnover fell by about $1.05 billion, or 33%, from approximately $3.19 billion in the previous week to $2.14 billion between August 31 and September 3. Daily turnover stood at $228.52 million on Monday, $574.42 million on Tuesday, $658.46 million on Wednesday and $674.38 million on Thursday.
The latest movement also extends the naira’s recent appreciation. From N1,337/$ on August 28, the currency gained N14.50, or 1.08%, against the dollar by September 4. However, the decline in foreign exchange turnover means the stronger naira came alongside lower trading activity in the official market.
External Reserves Rise to $54.08bn, Highest in 18 Years
Nigeria’s external reserves have risen to $54.08 billion, their highest level in nearly 18 years, according to the latest data from the Central Bank of Nigeria (CBN). The figure, recorded on September 3, is up from $53.99 billion on September 2 and $53.90 billion on September 1.
The latest reserve position represents an increase of about $1.42 billion from $52.66 billion on August 19. Since the beginning of the year, reserves have climbed by approximately $8.52 billion, or 18.7%, from $45.56 billion recorded on January 2.
The latest figure is also about $3.04 billion above the CBN’s projected $51.04 billion reserve level for the end of 2026. CBN Governor Olayemi Cardoso has linked the sustained growth to stronger foreign exchange inflows, including crude oil related tax receipts and third-party inflows.
The rise in reserves has coincided with a stronger naira, which appreciated to N1,315/$ at the official market on Thursday, its strongest level in two years, according to the report.
The increase in external reserves gives Nigeria a larger foreign exchange buffer and strengthens the CBN’s capacity to support stability in the foreign exchange market.
Nigeria’s Overnight Lending Rate Rises as CBN Operations Tighten Liquidity
Nigeria’s overnight lending rate edged higher to 22.20% as recent Central Bank of Nigeria (CBN) Treasury Bills transactions reduced the amount of cash available in the banking system. The Open Buyback (OBB) rate, however, remained unchanged at 22%.
The slight increase in borrowing costs followed the settlement of the CBN’s midweek Treasury Bills auction, which temporarily locked up funds used by banks and other investors to purchase government securities. System liquidity fell by N930 billion to a credit balance of N3.66 trillion, compared with N4.61 trillion in the previous session.
Liquidity conditions were also affected by the CBN’s continued efforts to absorb excess cash from the financial system. Earlier in the week, the apex bank sold N2.888 trillion worth of Open Market Operations (OMO) bills as part of its liquidity management programme.
Despite the withdrawals, the banking system remained in a significant liquidity surplus, suggesting that banks still have substantial cash available. Market conditions could also receive a boost as N734.81 billion worth of Treasury Bills mature, returning funds to the banking system.
As a result, market participants expect overnight and OBB rates to remain broadly stable around current levels unless the CBN carries out further large-scale liquidity withdrawals. The movement highlights the continued impact of the CBN’s liquidity management operations on short term borrowing costs in Nigeria’s financial market.
