Financial Planning Do It Yourself (DIY) Calendar for Q1 2023

Every financial plan incorporates short-term tactics to help you achieve your long-term objectives. Here are our suggestions to bring your plan to life throughout the year, starting with the first quarter:

January ~ Set Your Intentions

• Draft a budget based on your goals. Prioritize what is most urgent, what’s important, and what can wait. Then, draft a budget for the year. Remember to keep inflation in mind when capturing these values. There are a wide variety of budget management apps and online tools that can help you get organized and stay on track.

• Think about ways to reduce your expenses. Higher inflation and volatile markets can be financially stressful. Review your spending and consider making some temporary adjustments.

• Make your 2023 IRA contribution. You have the potential to earn thousands more over the long term by making contributions earlier in the year.

February ~ Simplify Your Investments

• Don’t forget your old 401(k). If you’ve changed jobs or are preparing to retire, you may have account balances in one or more workplace retirement plans. Consider factors like tax benefits, investment choices, and costs to determine if a rollover or transfer IRA may be right for you.

• Automate investing. Contribute a set amount regularly to a tax-advantaged or taxable investment account.

March ~ Prepare for Tax Time

• Get organized. Gather last year’s forms and records. Make sure you have access to all the documents you need.

• File your taxes. Submit your return as soon as you’re ready, but no later than April 18, 2023, unless you plan to file an extension.

• Invest your tax refund. Use the money from your refund to replenish your emergency account (typically three to six months of expenses for most households), make your 2022 or 2023 IRA contribution, or pay down any high-interest debt.

Stay tuned for additional steps you can take in upcoming quarters to stay on track with your financial plan and investment goals.