Annual Financial Calendar

Managing your finances doesn’t have to be overwhelming. Breaking it down into monthly tasks can make it more manageable and help you stay on top of your goals. 

Here’s our helpful month-by-month guide to keep your financial life in order.

January: Set the stage for success

• Review and set financial goals for the year. Clarify what you want to achieve financially and set measurable targets.

• Create or update your budget. Ensure your spending plan aligns with your goals.

• Check your credit report for any discrepancies. Spot and dispute errors that could affect your credit score.

• Plan contributions to retirement accounts (e.g., 401(k), and IRA). Start early to maximize your savings potential.

February: Organize and automate

• Gather tax documents (W-2s, 1099s, etc.). Start preparing for tax season by collecting all necessary paperwork.

• Set up or review automated bill payments and savings transfers. Automating your finances can simplify your life and help you avoid late fees.

• Review insurance policies and coverage. Ensure you have adequate protection for your needs.

March: Tax prep and audit

• Finalize your tax documents. Double-check your forms to ensure accuracy before filing.

• Consider a mid-month financial check-in to track progress on goals. Assess your budget and adjust if needed.

• Review your emergency fund and add to it if necessary. Prepare for unexpected expenses by bolstering your savings.

April: Tax deadline and spring cleaning

• File your taxes by the April deadline. Avoid penalties by submitting your return on time.

• Organize and declutter financial documents; digitize where possible. Streamline your records for easier access.

• Review beneficiaries on financial accounts. Ensure your accounts reflect your current wishes.

May: Plan for summer

• Start budgeting for summer vacations or activities. Allocate funds now to avoid overspending later.

• Review your investment portfolio and rebalance if needed. Maintain your desired asset allocation for long-term growth.

• Check your progress on savings goals. Ensure you’re on track to meet your financial targets.

June: Mid-year review

• Conduct a mid-year review of your financial goals. Evaluate your progress and make adjustments as necessary.

• Adjust your budget based on any changes in income or expenses. Adapt to new circumstances to stay on track.

• Research and plan for upcoming big expenses (e.g., back-to-school, holidays). Prepare in advance to reduce financial stress.

July: Focus on family finances

• Set up or review college savings plans (e.g., 529 plans). Invest in your child’s future education.

• Evaluate your family’s health insurance needs. Ensure your coverage is adequate for your family’s needs.

• Review estate planning documents (e.g., wills, trusts). Keep your legacy plan up to date.

August: Back-to-school prep

• Budget for back-to-school expenses. Plan for supplies, clothing, and other necessities.

• Review and update your subscriptions or memberships. Cut unnecessary costs to save money.

• Check your progress on annual charitable giving goals. Stay on track with your philanthropy plans.

September: Insurance and open Enrollment

• Review your life insurance policy to ensure it aligns with your current needs. Reevaluate your coverage amounts to align with your financial goals and responsibilities.

• Review your home and auto insurance policies. Ensure your coverage is adequate and cost-effective.

• Prepare for open enrollment by assessing health insurance needs. Evaluate your options to choose the best plan.

• Plan for year-end expenses like holiday gifts and travel. Start saving now to avoid financial strain later.

October: Tax planning

• Start planning for year-end tax strategies (e.g., charitable donations, tax-loss harvesting, ROTH conversions, Backdoor ROTH). Optimize your taxes before the year ends.

• Review retirement contributions and make catch-up contributions if eligible. Maximize your tax-advantaged savings opportunities.

• Check your credit score and address any issues. Maintain or improve your credit health.

November: Holiday prep

• Finalize holiday budgets for gifts and travel. Stick to your plan to avoid overspending.

• Look for Black Friday or Cyber Monday deals for planned purchases. Save money on items you already intend to buy.

• Review flexible spending accounts (FSAs) and use funds before year-end deadlines. Avoid losing unused funds by spending them wisely.

December: Wrap up the year and review

• Review your financial achievements and set preliminary goals for next year. Celebrate your progress and prepare for the future.

• Max out retirement contributions if possible. Take advantage of tax benefits before the deadline.

• Make final charitable donations for tax purposes. Support causes you care about while reducing your taxable income.

• Update your financial records and prepare for tax season. Start the new year organized and ready.

Tackle financial tasks month by month to reduce stress, stay organized, and make steady progress toward your goals. Bookmark this calendar and use it as a guide to keep your finances on track all year.

Need help creating or refining your financial plan? Sandbox Financial Partners offers individuals, families, and business owners free consultations to help you take control of your financial future. Reply to this email or contact us to schedule your session and start working toward your goals with confidence.