A Financial Calendar for 2009
You can probably accomplish financial goals by focusing on one specific priority each month. This calendar of ideas will stimulate your thinking about dollars-and-cents objectives.
January
Now is a good time to establish a budget for the year. There are many tools on the internet to help. Here is a template. http://office.microsoft.com/en-us/templates/TC010233421033.aspx . Just click download and away you go. Use last years expenses and income as a starting point, then make any reasonable adjustments to maintain a standard to can stick to for the year. Also, pay off any holiday season credit card bills as soon as the charges show up on your monthly statement. If spring and summer arrive and you're still paying interest on last year's gifts, then the cost of those items will continue to rise.
February
Consider getting tax related documents ready ahead of time to avoid a last-minute rush. Make sure that you have receieved all necessary paperwork from your employer and your financial institutions. Gather receipts that can document tax deductions.
March
Review your retirement plan, insurance policies, and other financial accounts to make sure your beneficiary designations are correct. Make changes if necessary.
April
If you get a tax refund, use it to pay down debt, set aside emergency savings, and/or increase retirement assets.
May
Now is a really good time to assess your budget to your actual experience of income and expenses. Adjustments can be made at any time to your projected expenses. For example, if you signed up for memberships, premium cable channels, or other discretionary items that are not being used, consider cancelling and allocating this money to more productive areas.
June
Warmer weather prompts many households to plan a vacation. Determine whether you could enjoy an affordable vacation near home, a getaway during the off-season, or a "stay-cation" where you plan something pleasant at home.
July
Request a free copy of your credit report at http://www.annualcreditreport.com/ . Paying past due accounts quickly and limiting debt to 50% or less of available limit on credit card could potentially improve your score over time.
August
Consider reducing transportation expenses by working at home periodically (if you can), carpooling with a co-worker, or taking a public transit if it is available.
September
If you live in a colder climate, a programmable thermostat, new windows and doors, and other improvements may reduce wasted energy. Certain improvements may qualify for utility company rebates, which reduce your out-of-pocket cost, or tax credits.
October
Set a budget for year-end holiday gifts. You may economize by capitalizing on sales, purchasing fewer gifts, or buying group gifts with other family members.
November
If you don't have a will, consider contacting an estate planning attorney to start the process of creating one. If you do have a will, determine whether any revisions are necessary.
December
Make sure your investments reflect your risk tolerance and time horizon. Make adjustments if you believe they are needed. You can do this on your own or with the help of a financial professional.
There may be other "to dos" that are appropriate for your situation, but these ideas may help you make progress in you financial life in the year ahead.
January
Now is a good time to establish a budget for the year. There are many tools on the internet to help. Here is a template. http://office.microsoft.com/en-us/templates/TC010233421033.aspx . Just click download and away you go. Use last years expenses and income as a starting point, then make any reasonable adjustments to maintain a standard to can stick to for the year. Also, pay off any holiday season credit card bills as soon as the charges show up on your monthly statement. If spring and summer arrive and you're still paying interest on last year's gifts, then the cost of those items will continue to rise.
February
Consider getting tax related documents ready ahead of time to avoid a last-minute rush. Make sure that you have receieved all necessary paperwork from your employer and your financial institutions. Gather receipts that can document tax deductions.
March
Review your retirement plan, insurance policies, and other financial accounts to make sure your beneficiary designations are correct. Make changes if necessary.
April
If you get a tax refund, use it to pay down debt, set aside emergency savings, and/or increase retirement assets.
May
Now is a really good time to assess your budget to your actual experience of income and expenses. Adjustments can be made at any time to your projected expenses. For example, if you signed up for memberships, premium cable channels, or other discretionary items that are not being used, consider cancelling and allocating this money to more productive areas.
June
Warmer weather prompts many households to plan a vacation. Determine whether you could enjoy an affordable vacation near home, a getaway during the off-season, or a "stay-cation" where you plan something pleasant at home.
July
Request a free copy of your credit report at http://www.annualcreditreport.com/ . Paying past due accounts quickly and limiting debt to 50% or less of available limit on credit card could potentially improve your score over time.
August
Consider reducing transportation expenses by working at home periodically (if you can), carpooling with a co-worker, or taking a public transit if it is available.
September
If you live in a colder climate, a programmable thermostat, new windows and doors, and other improvements may reduce wasted energy. Certain improvements may qualify for utility company rebates, which reduce your out-of-pocket cost, or tax credits.
October
Set a budget for year-end holiday gifts. You may economize by capitalizing on sales, purchasing fewer gifts, or buying group gifts with other family members.
November
If you don't have a will, consider contacting an estate planning attorney to start the process of creating one. If you do have a will, determine whether any revisions are necessary.
December
Make sure your investments reflect your risk tolerance and time horizon. Make adjustments if you believe they are needed. You can do this on your own or with the help of a financial professional.
There may be other "to dos" that are appropriate for your situation, but these ideas may help you make progress in you financial life in the year ahead.
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