When you start really paying attention to your finances, you quickly realize that there are certain things you should be doing each day/week/month to make sure that you’re fully optimized. That is the driving factor behind the creation of the Calendar of Personal Finance. Now you won’t find what bills you have due when on this calendar, but you will find those higher level items that you should periodically keep up with. As I go through my financial routine, I’ll add items to this calendar along with recommended frequencies.
Contribute to Roth IRA
January 1st (or after you’ve completed your taxes)
If you know that you’ll be under the Roth IRA income limit for the current year, you should contribute to it as soon as possible (January 1st). Doing this will keep you invested for a longer period of time. If you are close to the income limit, then you should wait until you’ve completed your taxes so that you don’t have to back out a contribution.
Free Credit Reports
January 1st, May 1st, September 1st
These are available free once per year from each agency. Split them up over the course of a year by only requesting a single agency at a time.
Stock up on Winter Supplies
November 1st
Get ready for the winter months when power might get knocked out and you have to deal with the cold. Here’s a short list of items that I wish I had during my last power outage.
Review Auto Insurance Policies
Every 6 months
Review your auto policy coverage requirements and revise deductibles and coverage appropriately if required. Request quotes with identical coverage terms from at least 3 insurance companies to make sure that you are getting the best deal.
Review Will
Life changing events (i.e. deaths, births, job changes, etc.)
First of all, if you do not have a will, go get one. Yes, they cost a little bit of money, take some time, and require that you confront some questions that are not necessarily easy, but they help to make the estate process move along much faster. Plus you can make sure that you set up your will in a tax efficient manner. Each time you have a life changing event, review your will with your attorney to make sure that it divides your estate as you’d like it to.