Personal Finance Calendar

Personal Finance Calendar
Key Points
- Just as financial planning is not a one-time event, it's not a once-a-year event either. Spreading tasks throughout the year can make them more manageable.
- Following this month-by-month guide can help get your finances in tip-top shape.
- There are actions you can take each month to keep your finances on track throughout the year.
January
- Resolve to make yourself financially fit this year
- Manage your debt. Start by paying off all your high-cost, non-deductible credit cards, and then establish an emergency fund equal to 3-6 months of expenses
- Check your employer retirement plan contribution percentage
- 1st Medicare Open Enrollment and Advantage starts (ends March 31)
- 15th: Pay your estimated taxes
February
- Check your insurance policies to be sure you're not paying too much or for the wrong coverage
- Start organizing your 2020 taxes
March
- If you turned 70 1/2 last year and didn't take your first-year required minimum distribution (RMD) from your IRA by December 31, you have until April 1 to do so
- Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
- 14th: Turn your clocks ahead!
- 31st Medicare General and Advantage Open Enrollment Period Deadline
April
- 1st: Your last day to take your first IRA required minimum distribution without penalty
- 15th: File your taxes or apply for an extension
- 15th: Pay your Q1 estimated taxes
- 15th: Also the last day to contribute to your IRA for the prior year
May
- 17th New Deadline to file your taxes or apply for an extension
- Create (or update) an inventory of your home and personal property
- Create (or review) your financial disaster plan
June
- 15th: Pay your Q2 estimated taxes
- 20th: Longest day of the year. Enjoy summer!
- Perform a mid-year review of your finances to be sure you're on track
- Are you on track with your retirement contributions and other savings?
- Run a projection of your income taxes to be sure you are not paying too much or too little income tax
July
- Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
- Keep learning- add at least one good book on personal finance or investing to your summer reading list
August
- Start thinking about your holiday budget
- As the kids or grandkids get ready for school, consider establishing or contributing to a Coverdell Education Savings Account and/or 529 College Savings Plan on their behalf
September
- 15th: Pay your Q3 estimated taxes
- 30th: Last day to determine beneficiaries after an IRA owner's death
- Begin Final quarter tasks (Listed below)
- Review your estate plan
- If you want to establish a simple IRA this year for your small business, the account must be opened by October 1
- You have until October 15 to re-characterize a Roth IRA conversion
October
- 1st: Extended trust and estate tax returns due
- 15th Medicare Advantage and drug plan open enrollment starts (ends Dec. 7)
- 15th Extended individual tax returns due
- 15th Last day to re-characterize a Roth conversion
- Run a projection of your current-year income tax liability to get a head start on your year-end tax planning
November
- 7th: Turn your clocks back!
- Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis
- Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity
December
- 31st: Last day for stocks, RMD's, itemized deductions, & gifts to count for 2021 taxes
- If you want to establish an individual 401(k) or other qualified retirement plan for your small business, the account must be opened by December 31
- Request your annual Social Security benefit statement from ssa.gov
Final Quarter Tasks
- Project income for 2019 and 2020
- Review unrealized investment gains and losses
- Collect cost-basis information on sold investments
- Review sales of appreciated properties
- Review potential credits and deductions
- Track donations to charity
- Take required minimum distributions
- Review Medicare enrollment options
- Review your fund trusts
- Contribute to college education accounts or gift cash to family
- Review any gifting plans