Want to stay on top of your finances throughout the year? Consider taking these month-by-month steps.
March: This is usually the month that you receive your tax refund or even a pay increase or bonus. Decide what you will do with this extra money—pay down debt, put it into savings, or invest it?
April: April 15, as you know, is the deadline to file last year’s taxes. It is also the last day to contribute to a traditional or Roth IRA for the previous year. It is also National Social Security Month—and what better time to check your earnings history, confirm you have enough credits to retire, and see an estimate of future benefits by going to the Social Security website.
May: It is National Older Americans Month, making it a perfect time to have the financial “talk” with older loved ones. Discussing something as private (and often an emotional issue) as finances is difficult. Acknowledge that difficulty and express respect for the status of your parents or grandparents. Be as considerate and compassionate as possible.
June: It’s American Housing Month, find out how Wescom can help you buy or renovate.
July: It’s roughly the middle of the year and a good time to review the financial goals you set back in January. Are you on track or do you need to make any changes? Schedule a complimentary, no-obligation financial check-up with Wescom Financial Service by calling 1-888-879-0558.
August: Consider reviewing your credit report—which you can get for free annually from each of the credit bureaus: Equifax, Experian, and TransUnion at AnnualCreditReport.com. Check for errors or other issues and make corrections.
September: This month is both Self Improvement and National Preparedness Month. Look at ways to improve yourself on a financial level. Do you need to make changes to your budget or develop one? Review your insurance policies—all of them—and make sure you, your house, and your car are properly insured. Learn more about Wescom Insurance Services.
October: A couple of dates to keep in mind: Oct. 1 and Oct. 15. For those incoming college students, Oct. 1 is the first day to file the Free Application for Federal Student Aid (FAFSA) to become eligible for federal student loans and grants. You do have until June 30 to file the FAFSA but keep in mind that some colleges award on a first-come, first-served basis. Oct. 15 is the day to file an extension on your taxes.
November: This month is National Scholarship month. A great time for you or your child to research just what kinds of scholarships are out there. Remember, every bit of financial assistance helps in softening the blow of high college costs.
December: It’s holiday season—and with that comes a number of expenses you might not have the rest of the year. If you haven’t already done so, consider setting up a Special Savings Account to help you save up for this time of the year filled with presents, parties, and charitable giving. Take advantage so you’re not facing a huge debt bill in January.
