Thursday, 5 February 2009 16:14
by
Andy M
Financial planning can be overwhelming if you try to do it all in one month, so the following is a first quarter planning guide to break out these ideas into manageable tasks. Unfortunately this post is a little late in coming out, but I wanted to give everyone the January planning ideas so you can be prepared for next year. (And of course, you can still implement these ideas in February.)
January
Reduce debt and save money: Consolidate any high rate credit card or store card balances from holiday shopping. Start a small savings account. (Like weekly five or common cents saving accounts.) If you are not using bill pay, think about starting to save time and most importantly money on stamps, postage and late fees.
February
Tax day is coming: Remember that all of your tax documents should arrive by middle to the end of February. Think about using online tax services if your return is not complicated. If you are getting a refund, file early and plan on saving at least 20% of your return to start a rainy day fund.
March
Saving and borrowing: If you haven’t filed your taxes, be sure you consider IRA options as you still have time for 2008 contributions that can help with your tax situation. Be sure to consult a tax advisor or planner for your unique situation. If you are homeowner, look to use a home equity loan to fund those repairs or updates to your house. Rates can be more attractive than using a credit card or traditional.
Check back in March for second quarter planning ideas. Good luck with the first quarter.