You’ve resolved to get a handle on your finances in 2020, but will that determination wane by March? With over 80% of people failing to realize their New Years resolutions, it’s likely that you’ll become overwhelmed with checklists and budget-tracking within just a matter of months.
That’s why I suggest ONE simple action item each month that will contribute to an overall healthier financial life. This will make things simple while keeping you accountable year-round.
Below are the MOST important action item each month to keep your finances in shape:
- January: Review your budget and cash flow as well as your net worth statement. This lets you see how you did last year and if you want to make any changes for the new year.
- February: Organize all financial documents from prior year to prep for taxes. This will also help you be prepared to file your taxes. It’s like spring cleaning for your finances.
- March: Review your investments and allocations, making sure you are still on track for major goals such as retirement savings.
- April: File federal and state income tax returns.
- May: Order credit reports.
- June: Review retirement plan contributions and projections to see if you are on target.
- July: Hold a family financial meeting. Review old goals and set new ones.
- August: Review beneficiary designations along with your estate plan and estate planning documents to make sure they are current. This includes wills, trusts, and advance directives.
- September: Review insurance policies to prep for November by making sure coverage still meets your needs and preparing to adjust accordingly.
- October: Review your financial first aid kit.
- November: Open enrollment for group employee benefits and Individual Health Insurance begins.
- December: Wrap up any loose ends from your financial year.
- A Yearly Checklist for your money - budgetsaresexy (here)
- A Plan for Taking ONE Simple Step in 2020 to Get Your Finances in Order - moneyqanda (here)
Download the Get Ready Financial Calendar from the Get Ready Preparedness Club’s resource center (join or log in here).