Tuesday, 30 June 2009 17:07
by
Andy M
If you followed the planning ideas for the first six months, you are on the path to good financial planning habits. If you haven’t quite completed the all the planning tasks, don't worry, you still have ample time remaining to get on track for the rest of 2009. For July through September, here are a few ideas to consider each month as part of your month by month financial planning process.
July
Mid-year financial checkup: The year is halfway over so not is a great time to see if you are on track with your plan and if you need to make any adjustments. Be sure to schedule a time with your advisor this month or seek out a new advisor. Now is also a great time to review your homeowners insurance and make sure the coverage is appropriate for your situation.
August
Back to school: If you have children, start thinking about your college savings strategy and begin to fund those strategies as soon as possible. The earlier you start the less painful it will be financial when your first child enters college. If you are not a homeowner then you should really check into renter’s insurance. Basic policies can be relatively in-expense and help protect your possessions.
September
Retirement planning: Review the many aspects of your retirement plan from your 401k to IRAs. If you are self employed think about unique products available to you such as SEP IRAs and other possible tax advantaged savings options. The process might take awhile to complete so starting now will ensure you can implement your plans before the end of the year.
Being a good financial planner requires several hours of effort on your part. Following these month to month planning guides is just a way to get started on being more financially fit. Once financial planning becomes part of your routine you will feel more comfortable with the financial choices you are making.