If you’ve made a New Year’s resolution to get your finances on track for 2010, you have probably also heard the question, “How do you eat an elephant?” The answer is, “one bite at a time.” This metaphor applies to achieving any big goal. How do you achieve a big goal? You accomplish it one step, one task, one measure at a time. Here’s a monthly financial calendar of important planning and execution tasks to help you reach your goal.
January:
• Set your credit report dates. You are entitled to one free credit report a year from each of the three credit reporting agencies: Transamerica, Experian, and Equifax. Each year, you should check your credit reports from www.annualcreditreport.com.
• Start or review your emergency fund for six to nine months worth of living expenses.
February:
• Cash flow is the cornerstone of your wealth management plan. Be sure to
monitor your savings, spending and debt.
March:
• Check your insurance coverage. Are you prepared for the unexpected?
April:
• Tax deadline: April 15. Based on your refund or taxes due, you may want to adjust your withholding for 2010.
May:
• Talk to your parents: If you’ve never discussed estate, health and long-term care planning with your parents, do it now.
June:
• Schedule a financial checkup with your advisor.
July:
• It’s time for a beneficiary check on all your investments, insurance policies and bank accounts.
August:
• Status of education planning for college.
September:
• Is your retirement savings on track to maintain your desired lifestyle when you are not working?
October:
• Do you have an investment strategy in place?
November:
• Are your will and estate planning documents current?
December:
• Be sure that you are on target to make the maximum annual contributions for your retirement/IRA accounts.
• Make charitable donations by December 31.
As you take that first step or look down the list, remember you don’t have to do it
alone. Make 2010 the year you get help with your finances.
For more information contact Rebecca Robins, CPA/PFS, CFP™, CA Insurance Lic#0D75745 at 661-222-2331, located at 25129 The Old Road, Suite 105 in Stevenson Ranch. Securities offered through Associated Securities Corp. (ASC), member FINRA/SIPC. Advisory services offered through Associated Planners Investment Advisory, Inc (APIA), ASC, David S. Reinders, CFP, Inc., Registered Investment Advisors. David S. Reinders, CFP, Inc. is not affiliated with ASC or APIA.