Planning Financial Futures

Planning Financial Futures

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Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether.

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 2022:


The following personal finance calendar may help you
get started.


January
  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.
  Take full advantage of any available employer
match.

February
  Review your insurance policies to be sure they are
reflecting current needs

March
  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.

April
  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.

May
  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.

June
  Consider a mid-year review of your finances to
confirm you are on track year-to-date income and
expenses.

July
  Consider reading one book on personal finance or
investing.

August
  Compute if your vacation spending is as you
projected.

September
  Consider establishing a Christmas/Holiday spending
budget.

October
  Consider beginning year-end tax planning.
  Consider upcoming open enrollment season and any
changes with your health insurance coverage and
other employer benefits.

November
  Keep your holiday budget in mind. Plan for any
charitable giving and tax-deductible gifts.

December
  Consider rebalancing your portfolio allocations and
contributions for the New Year.
  Employers who are looking to help their employees
in the new year might consider reminding employees
of the benefits and resources that are available to
them at the workplace, whether that may be an
employee assistance program, an Employee
Wellness Program, or maximizing their benefits to
achieve enhanced results in the New Year.

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