Financial expert Rachel Langlois with Cyprus Credit Union tells us how to build a financial calendar.
Establish Financial Calendar - Financial Fitness Plan
Whew. We made it. You`ve picked up some great financial habits this year like building a budget, creating a debt plan, getting organized, and more. Now, it`s time to take all of this information and put it together to establish your financial calendar. To find out more about each topic, click on the header.
SET A GOAL
What are your goals for next year? Do you want to continue paying off debt or are you ready to start saving for that vacation? Whatever they may be, let these be the foundation of your calendar planning.
BUILD A BUDGET
Budgets should never remain stagnant. Keep adjusting it throughout the year so it fits your current lifestyle. Try to sit down at least one a month to take a look and make sure you`re sticking to it. This budget should include when bills are due or any other deadlines that need to be on your calendar.
Before any major purchase or financial decision, do your homework. Find where you can save the most money and make cuts where necessary.
CALCULATE NET WORTH
Your net worth is the most accurate and comprehensive look at your finances that you have access to on a regular basis. Make it a goal to examine your net worth at least every four to six weeks. The more often you go through this process, the easier it will be every time.
CREATE DEBT ELIMINATION PLAN
Keep working on paying down that debt. Remember to place an emphasis on your higher interest debt first and then work your way down. Set up automatic payments so you`ll never miss a due date and end up with late fees. As you continue to pay off each debt, adjust your plan.
CHECK YOUR CREDIT REPORT
It`s so important to keep track of what`s happening on your credit report. Request a copy every four months to make sure all of the information is accurate. To help prevent identity theft, consider placing a freeze on your account.
INCREASE CREDIT SCORE
Credit scores determine whether or not you are eligible for loans, credit cards, apartments, jobs, and more. It`s important to keep this score high. You do this by making on-time payments, having low or no balances, long credit history, and more.
One of the most essential parts of having healthy finances is making sure they are organized. If you aren`t sure where important documents are kept or even where your money is going, it`s time to sit down and get started.
WRITE A WILL
Take the time to sit down at least once a year and take a look at your will. Have circumstances in your life changed? Did you change jobs? Has your income changed? Have you opened new bank accounts? Are there new investments that you`ve made? Adjust your will accordingly to fit all of these changes.
PLAN YOUR RETIREMENT
Every age group is in a different phase when it comes to planning for retirement. Click to find out more about planning in your 20`s, 30`s, 40`s, 50`s, and 60`s.
As you approach open enrollment, do your research and find the options that work best for you. You may also want to look into home insurance, life insurance, renter`s insurance, and more.
You can get more information here.