How to Manage Your Personal Finance, Month by Month

March 2023

Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether.

Personal financial planning is an ongoing, lifelong process. If we break it down into small, achievable tasks, it’s a lot less daunting and can pay huge dividends to you and your family. Resolve to make yourself financially fit in 2023:

The following personal finance calendar may help you get started.

  • Manage your debt. Start by paying off all high-cost and consider establishing an emergency fund.
  • Create a cash flow statement of prior year income minus expenses. Calculate personal net worth.
  • Consider if your portfolio’s original target asset allocation needs rebalancing.
  • Review your insurance policies to be sure they are reflecting current needs.
  • Evaluate your contribution amount and take advantage of any available employer match.
  • Evaluate whether Roth after-tax or traditional pre-tax contributions make sense for your contributions.
  • Consider using any bonus or similar windfall to pay down debt and/or build an emergency fund.
  • Check your credit report as improvements may allow lower loan costs.
  • File your income tax return by April 15 (unless extensions are available).
  • April 15 is the last day to make an IRA or Education Savings Account for the prior year.
  • Create an inventory of your home and personal property for insurance or estate planning. Record a phone video of your valuable possessions and store the video in a secure, remote location.
  • Consider a mid-year review of your finances to confirm you are on track year-to-date income and expenses.
  • Review your estate plan.
  • Consider reading one book on personal finance or investing.
  • Designate or update your own beneficiary on your retirement plan.
  • Compute if your vacation spending is as you projected.
  • Consider establishing a Christmas/Holiday spending budget.
  • Consider beginning year-end tax planning.
  • Keep your holiday budget in mind. Plan for any charitable giving and tax-deductible gifts.
  • Consider upcoming open enrollment season and any changes to your health insurance coverage and other employer benefits.
  • Evaluate your past contributions into the Plan and decide if you can increase your contributions for the coming year.

This material is not intended to provide, and should not be relied on for tax or legal advice. Any information contained herein is of a general nature. You should seek specific advice from your tax or legal professional before pursuing any idea contemplated.

Lebel & Harriman Retirement Advisors is a separate entity from Retirement Plan Advisory Group (RPAG). Retirement Plan Advisory Group (RPAG) is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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