Personal financial planning is an ongoing, lifelong process. If we break it down into small, achievable tasks, it’s a lot less daunting and can pay huge dividends to you and your family.
Resolve to make yourself financially fit in 2023:
The following personal finance calendar may help you get started.
| January | February |
| ‒ Manage your debt. Start by paying off all high-cost and consider establishing an emergency fund.
‒ Create a cash flow statement of prior year income minus expenses. Calculate personal net worth. ‒ Consider if your portfolio’s original target asset allocation needs rebalancing. ‒ Evaluate your contribution amount and save enough for your goals and take advantage of any available employer match. |
‒ Review your insurance policies to be sure they are reflecting current needs |
| March | April |
| ‒ Consider using any bonus or similar windfall to pay down debt and/or build an emergency fund.
‒ Check your credit report as improvements may allow lower loan costs. |
‒ File your income tax return by April 15 (unless extensions are available).
‒ April 15 is the last day to make an IRA or Education Savings Account for the prior year. ‒ Evaluate whether Roth after-tax or traditional pre-tax contributions make sense for your contributions. |
| May | June |
| ‒ Create an inventory of your home and personal property for insurance or estate planning. Record a phone video of your valuable possessions and store the video in a secure, remote location.
‒ Review your estate plan. |
‒ Consider a mid-year review of your finances to confirm you are on track year-to-date income and expenses. |
| July | August |
| ‒ Consider reading one book on personal finance or investing.
‒ Designate or update your own beneficiary on your retirement plan. |
‒ Compute if your vacation spending is as you projected. |
| September | October |
| ‒ Consider establishing a Christmas/Holiday spending budget. | ‒ Consider beginning year-end tax planning.
‒ Consider upcoming open enrollment season and any changes with your health insurance coverage and other employer benefits. |
| November | December |
| ‒ Keep your holiday budget in mind. Plan for any charitable giving and tax-deductible gifts. | ‒ Consider rebalancing your portfolio allocations and contributions for the New Year.
‒ Evaluate your past contributions into the Plan and decide if you can increase your contributions for the coming year. |
The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
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300 First Avenue South, Fifth Floor
St. Petersburg, FL 33701
685 Encino Drive
New Braunfels, Texas 78130
813-760-1769
PlanInsight@advizrs.com