Financial Resolutions

by Dual Income No Kids on December 26, 2006 · 0 comments

Strategies for the New Year

One of the age-old tips for holiday savings is to share gifts that don’t necessarily cost much. Our dear friend Suz does a great job of doing this. She clipped a financial tips section from a magazine (sorry, don’t know which one). We thought we’d share this with you. Some of the tips aren’t really geared towards DINKS, but it’s worth checking out:

Developing a structured approach to your finances can help you stay on track fro long-term success. This working calendar offers suggestions for steps you can take throughout the year . Keep in mind that what’s listed is not necessarily time sensitive, nor does it have to be accomplished exclusively in the month indicated. By establishing a schedule to work through these important details, you increase the likelihood of meeting your goals.

January: Review your Finances

  1. Gather all your financial statements.
  2. Draw up a workable budget.

February: Plan For Taxes & Retirement

  1. Begin pulling together everything you need for filling your taxes.
  2. Review year-end retirement statements.

March: Stay Current

  1. Update all beneficiary designations.
  2. Establish instructions about what should happen if you become incapacitated.

April: Review Your Financial Plan

  1. Review your budget.
  2. Make contributions to your IRA.

May: Plan to Play Down Debt

  1. Review all your debt.
  2. Prioritize all your debt payments.

June: Invest In Your Family’s Future

  1. Determine how much you need to save for college expenses.
  2. Educate your children about money.

July: Check your Credit

  1. Request free copies of your credit report.
  2. Review your budget.

August: Protect Yourself With Insurance

  1. Review your life, health and disability insurance.
  2. Assess your property and car insurance.

September: Put Your Affairs in Order

  1. Update your estate plan.
  2. Donate items to charity.

October: Determine Year-End Strategy

  1. Estimate your ’07 taxes and consider your tax strategies.

November: Give Gifts Accordingly

  1. Take advantage of your annual gift-tax exclusion.
  2. Make 529 plan contributions.

December: Tally Year-End Results

  1. Verify your flex spending account balance.
  2. Evaluate your progress for the year.

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