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.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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