Thankfully, using a calendar to schedule essential milestones and reminders is one of the best ways to take control of your finances. Calendar apps are readily available for all mobile devices. Or, if you prefer to go old school, you can download and print one for your home or office. If you do that, you can stay on top of your monthly, quarterly, and annual financial obligations in just a few minutes a week.
Of course, this can be daunting. But, here's our advice for getting the ball rolling.
Maintain a monthly schedule of financial obligations.
Keep track of monthly financial commitments with a calendar to avoid becoming overwhelmed. How? By focusing on the following areas:
- Budgeting. Budgeting is an excellent tool for getting your finances in check. Effort and time are required, though. So, make it a habit to track your spending and ensure it's within your budget. And that's easy to do by setting up calendar reminders. By making this a routine, you'll be able to avoid overspending before the next paycheck comes.
- Contributions to savings accounts. You should dedicate a portion of your income to one or more savings accounts first. Not only can a savings account help you prepare for unforeseen events, but it can also help you make down payments on a home or vehicle. It can also help you save for a family vacation. Every week, set aside some time on your calendar to see if your budgeting efforts resulted in extra savings.
- Paying your bills. It's easy to set up automatic payments through your bank. But you're still on the hook when it comes to paying your bills. Ensure your account has sufficient funds and receive a gentle reminder each week to make sure these automatic payments are paid correctly and on time by using a calendar.
- Deposit tracking. Is your paycheck deposited directly into your bank account? To ensure that your funds have arrived on time and are in the correct amount, set a reminder on your calendar. Direct deposits can be delayed or incorrectly credited to your account due to accounting errors. At the same time, they are rare.
Assess your financial health every quarter.
Take the next step by setting up reminders for checking in on your budgeting progress, checking for savings opportunities, and paying bills on time.
- Examine your financial situation holistically. Each quarter, set aside an hour to review your financial progress. Did you save $1,800 for holiday gift-buying expenses this year? Will you be able to reach this goal at your current savings rate? Budget adjustments are necessary if this is not the case.
- Find out what the current interest rates are. Has there been a change in interest rates since last quarter? It may be beneficial to refinance your mortgage or consider growing your money in a term account if rates go up.
Be prepared for significant financial commitments by using annual reminders.
New year's resolutions are great and all. However, it's also a great time to prepare for future financial commitments like
- Put a reminder on your calendar to check your credit score with Experian, Equifax, or TransUnion. Then, make sure it stays healthy by learning how to maintain it.
- You may also want to compare what you actually spent on expenses like summer vacation or back-to-school supplies. You can use this to budget for next year to avoid debt.
September: Review your benefits and quarterly taxes.
- The 15th of September is the deadline for third-quarter estimated income tax payments, if applicable.
- Usually, employer benefits enroll in the fall and last for four to six weeks. Don't forget to review your health choices, 401(k), and other benefits you receive as an employee.
October: Get ahead on college funding.
- While you can wait until next year to file your FAFSA for the 2023-2024 school year, you can start on October 1. This is because some colleges use a first-come, first-served policy.
You must be logged in to post a comment.