Jill Schlesinger on 'The Great Lock In' for Financial Goals

Understanding 'The Great Lock In'

• 💡 The viral TikTok trend 'The Great Lock In' encourages focusing intensely on achieving specific goals before December 31st.
• 🎯 This concept is presented as a way to simplify focus by concentrating on just one task at a time.

Financial Planning Goals

• 📊 A foundational goal is to track your spending to understand where money goes and how much is available for other objectives.
• 💰 This tracking helps in building an emergency fund or paying down debt.

Holiday Spending Strategies

• restraint with gift giving this holiday season.
• 🛍️ Determine your spending limit first, then create a list, and monitor prices using tools like Google Price Tracker, Honey, Racin, or Shop Savvy.
• 💳 Don't forget to utilize unused gift cards to offset holiday expenses.

Retirement Savings Lock In

• 📈 If you have extra cash, consider increasing your retirement plan contribution by a percentage point or two before the holidays.
• 🏦 If you don't have a workplace plan, focus on opening a traditional or Roth IRA, with the option to fund it by tax filing time.