Personal Financial Planning Calendar

The following personal finance calendar works for any year, be it 2013, 2014 or 2020!  Don't be a procrastinator, follow what Ben Franklin once said - Remember that time is money!

January
  • Determine your financial goals for the year and write them down.
  • Set up file folders for your 1099's, W-2 forms, tax related documents.
  • Create a separate folder for business related receipts.
  • Buy holiday cards and wrapping papers on sale (don't buy unless they have 60% or higher discount).
  • Pay off holiday credit card debt (start from the one with the highest interest rate).
  • Set aside money for an emergency fund (if you don't have one) with goal to save equal to 3-6 months of expense
  • Double-check your employer retirement plan contribution percentage. If you will be at least 50 years old this year, consider making an additional catch-up contribution. At the very least, try to contribute up to the point where you take advantage of any available employer match.
  • Annual tax forms 1099, 1098 and W-2 should be mailed to you by your various providers no later than January 31 (February 15 for some 1099s).

Tax Date: January 15
Your final estimated tax payment is due if you didn't pay your income tax (or enough) for the year through withholding. 

February
  • Call any banks, brokerage firms, mutual funds, or employers that haven't sent you their IRS records by the end of the month.
  • Make an appointment with your accountant (or start running your tax filing software) to evaluate your tax situation.
  • File income tax early and use refund to pay off credit card debt, car loan, or any other loan that doesn't have a prepayment penalty.
  • Shop on Presidents' Day sales for winter clothes.
  • Check and shop around your insurance policies (property and casualty, liability, health, disability, life) to be sure you're not paying too much or having the wrong kind of coverage.
  • Start planning your summer vacation (see here for a list of home swap sites to save even more).

Tax Date: February 15
  • If your child or child student is working but will not earn enough to owe any tax, this is the last date to file a form W-4 with his or her employer so that taxes will not be withheld.

March
  • Challenge your property tax bill - most communities allow appeals in early spring.  About half of the home owners who question their assessments through official appeals win 10% reduction.  You can read "Appeal Your Property Taxes - And Win!"
  • Finish preparing your tax return.  Tax filing software is recommended, they not only save your time, but also save you money (a lot cheaper than an accountant, plus Turbotax also offers free tax court defense service if you are audited).  Buy the tax filing software online to save even more.
  • If you have a child applying for college at home, confirm that colleges have received your financial aid forms.  You can file electronically at www.fafsa.ed.gov to quicken the process.
  • Buy summer appliances such as air conditioners and fans before prices going up.  Average saving should be at least 20%.
  • If you turned 70½ 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.

April
Tax Dates:
  • File your income tax return by April 15. If you're requesting an automatic six-month extension, you still need to pay any taxes due by April 15. 
  • April 15 is also the last day to make a contribution to your IRA or Coverdell Education Savings Account for the prior year.
  • If applicable, first-quarter estimated income tax payments are due by April 15.

May
  • Get your air conditioner tune up done to increase efficiency and reduce cost later.
  • Make spring cleaning pay off, do a yard sale.
  • Do some financial spring cleaning, take an inventory of your household possessions.  Use a video camera to make a record of your valuables for insurance (and/or estate) purposes, then store the video in a secure place.
  • Book summer vacation hotel, resort, and airline tickets now to avoid last minute high rates.  Apply a credit card that offers mileage points and exchange the points for airline tickets.  If the credit card has annual fee, don't forget to cancel it after the exchange.
  • Contact the IRS if you haven't received your tax refund by the end of the month (www.irs.gov).

June
  • Do a semiannual review of your investments to make sure you're on track: 
    • Double check your actual year-to-date income and expenses against your cash flow projections.
    • 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.
  • Meet with your stockbroker or financial adviser to review your account, decide what changes should be made to your account.
  • Get a tune-up for your car, especially if your are going on a driving trip.
  • Find a last minute summer job for your teenager child (www.summerjobs.com).

Tax Dates:
June 15: If applicable, second-quarter estimated income tax payments are due by June 15 (June 17 for 2013, because June 15 falls on a Saturday).
June 30: If you have a bank, security, or other financial account in a foreign country worth more than $10,000,you must file form TDF 90-22-1 with the Department of Treasury by this date.  

July
  • Read a good investment book while at the beach (see here for a recommended investment book list).
  • Look at the cash flow check you did last month and decide what to cut back.
  • If you want to sell a car, now is the best time (as college students and high school seniors need cars for summer jobs and to return to school).
  • Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
  • Talk with colleagues or friends about starting an investment club in the fall.  Doing research in the summer.

August
  • Get good deals on lawn and patio furniture, bathing suits, lawn mowers, barbecue grills, camping gear, and ski equipment, a simple way is to check Amazon for such deals.
  • Compare what you actually spent on vacation to the amount you projected in your annual cash flow plan. Start thinking about your holiday budget.
  • As the kids or grandkids get ready for school, think about establishing or contributing to a Coverdell Education Savings Account and/or 529 College Savings Plan on their behalf. 
  • Prepare your child or grandchild for going off to college.  Discuss checking account and credit cards and do a joint budgeting with them for the school year.

Tax Date: August 15
  • If you filed for a 4-month extension, your income tax return is due now.
  • Last date to file for a further 2-month extension.

September
  • Service your furnace, replace disposable filters or clean permanent ones, if you know the size/model, you can find good deals online.
  • Weatherize your home.  Call your local power company for a free energy audit.
  • Shop the sales of ski or snowboarding equipment, car batteries, and paint, these are all traditionally on sale in September.
  • Go back to school to take a class in financial planning, investing or personal finance.  You can do it through online offerings, many are free (Coursera, Udacity, edX, Straighterline)
  • Review your estate plan.

Tax Dates:
  • September 15: If applicable, third-quarter estimated income tax payments are due by September 15 (September 16 in 2013, because September 15 falls on a Sunday).
  • October 1: If you want to establish a SIMPLE IRA this year for your small business, the account must be opened by October 1.
  • October 15: You have until October 15 to recharacterize a 2012 Roth IRA conversion. If you already filed your 2012 federal income tax return, you will need to file an amended return along with IRS Form 8606 (check the rules for your state if you already filed a state income tax return).

October
  • Review your will.  Since this is a slow month regarding taxes, use the time to read (or write) your will.
  • Caulk around windows and doors to reduce heating costs in the winter.
  • Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
  • As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

Tax Dates:
  • October 1: If you want to establish a SIMPLE IRA this year for your small business, the account must be opened by October 1.
  • October 15: File your income tax return by October 15 if you requested a six-month extension back in April.
  • October 15: You have until October 15 to recharacterize a 2012 Roth IRA conversion.  If you already filed your 2012 federal income tax return, you will need to file an amended return along with IRS Form 8606 (check the rules for your state if you already filed a state income tax return).

November
  • Talk to your broker about securities you may wish to sell before the year's end.
  • Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
  • Don't charge more for holiday gifts than you can comfortably pay for in full when the January credit card statements come around.
  • Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity.  If your gift is more than $250, you must have a written acknowledgement of your donation on the charity's letterhead to be able to deduct it.
  • Make sure you spend all your money in the Flexible Spending Account before December 31, any money left goes to your employer, not you!
  • Buy a car this month, as dealers usually clear their showrooms for next year's models.
  • Start making Christmas and Hanukkah cards and gifts.
  • Get free firewood - if you live near one of the 155 national forests.

December
  • Empty closets and cupboards and give away items to charity for an end-of-the-year tax deduction.
  • Give out gift (up to $10,000) to anyone you like without paying a gift tax.  Checks must be cashed before the end of the year.
  • Push investment income, bonuses, and freelance earnings into next year to delay paying income taxes.
  • Check your portfolio again for loss-harvesting candidates, as you rebalance back to your strategic, long-term asset allocation.
  • Request your annual Social Security benefit statement from ssa.gov. Compare your earnings record against your old tax return info for accuracy.

Tax Dates:
December 31: If applicable, don't forget to take the annual required minimum distribution from your IRA by December 31.
December 31: If you want to establish an Individual 401(k) or other QRP (qualified retirement plan) this year for your small business, the account must be opened by December 31.