Your Financial Planning Process Calendar

Save angst by scheduling monthly financial ‘to-dos.’

It’s not always easy to be proactive with your finances when you feel like you’re being pulled in so many directions — career, family, extracurricular activities, and other responsibilities. Virginia Mandell, Vice President and Wealth Advisor for Regions Private Wealth Management in Charleston, S.C., suggests creating a financial calendar that serves as a road map to get to your financial destination.

January

• Look back. Compare last year’s income and expenses, and build expectations for the next year with lessons you’ve learned.
• Look forward. Create a personal financial statement to track your assets and liabilities.
• Check your withholding status at work. Make sure you’re getting all the deductions you can.

February

• Check your credit regularly. Ensure that everything on your credit report is accurate and take the steps necessary to correct anything that is not. Consumers can get a free annual credit report from three bureaus, which you can consider spacing out to one report every four months.
• Compile tax information. Organize your tax records and other tax forms for the prior year into a folder.

March

• Meet with your tax professional. Talk about last-minute IRA contributions and your plan to minimize taxes before April 15.
• Get rid of old information. Consider shredding tax records that are seven years or older. The IRS has up to six years to challenge your return. Before shredding you may want to digitally archive these records and store them in a secure place, such as a lock box.

April

• Meet with your tax professional again if needed. Make sure you have all of your documentation and file your return by the 15th.

May

• Review your insurance plans. Check your life and disability coverages and make sure you have the best plans for your situation.
• Do some spring cleaning. Donate your unused possessions to charity, obtain a receipt, and keep it in your tax folder.
• Check your credit regularly. See the notes for February for details.

June

• Plan for the summer. School is out, so prepare and keep a budget for summer trips.
• Go over your will, advanced directives for medical care and estate plans. Make sure your executor or personal representative knows he or she will serve in that role and knows who to contact (tax professional, wealth advisor, and attorney).

July

• Tend to any home and car repair or maintenance issues, and review your homeowner’s and auto insurance, mortgage rate, and property tax value.

August

• Plan for back-to-school expenses. Create a budget for school supplies and clothing.
• Refocus your financial goals with a mid-year check in. Head into the end of the year with greater focus.
• Check your credit regularly. See the notes for February for details.

September

• Prepare your home for winter and make appropriate repairs.
• Plan for car repairs or purchases. Look for sales at car dealerships, as most start selling the new year models at this time.

October

• Make a holiday budget. Prepare for the holidays by devising a plan, making a detailed list and budgeting for cards and gifts.

November

• Give back. Create an environment of gratefulness by getting involved in your community and contributing to charity events.
• Check your credit regularly. See the notes for February for details.

December

• Create and stick to a holiday budget. Stay strong during the holidays. Don’t overdo decorations, trips, or gifts.
• Make an extra mortgage payment and apply it to your principal. Hit your principal mortgage payment a little bit harder and shave time off your mortgage.

Gain additional financial planning help to take control of your financial life.