TODD IHRIG, Financial Advisor todd@investwithaplan.com
T. 703.536.3650 F. 703.536.8969
2439 N Rockingham St Arlington, VA 22207
Monthly Money Management Tasks Just like you need to maintain your house, prune the trees and tend the garden, your financial life needs regular maintenance as well. Handling these ongoing monthly tasks will help keep your financial house in order. January: Recalculate your contributions to your 401(k) or other employer plan as you may need to adjust for any raises or new limits. Remember to contribute in every pay period to maximize your employer match. Also, check your W-4 withholdings. February: Your tax documents should be rolling in, so get organized early and get your information into your tax professional as early as possible. If you are getting a refund, you’ll get it sooner; if you owe, you can wait to pay until April 15. March: Build a Giving Plan to guide your charitable giving for the coming year. Having a plan will help you focus your giving on your key focus areas and give you permission to say “No” as needed to other requests. Let me know if you want my writeup. April: Make your IRA contributions before you finalize and file your taxes. Be sure to top off any IRA, Roth, SEP-IRA, etc. contributions before you file. May: Pull out your will, dust it off and read it. Make sure it still fits your wishes and your current situation. If anything has changed in your personal situation or your wishes, you might need to amend your will or have it redone. June: Request your credit report from each of the three credit bureaus and review it for any oddities or discrepancies. Do NOT use one of the website services that offer a “free” report, go directly to the official site, www.annualcreditreport.com.
July: Review and update your Estate Information Document (inventory of accounts, insurance coverage, banking relationships, document locations, etc.) and distribute new copies to your named executor and/or trustees. Client Tip: Use eMoney Organizer August: Pull out and review your auto, home and other personal property insurance policies. Review coverage needs and occasionally (not every year) run a competitive quote to make sure you aren’t paying too much. Client Tip: Use the eMoney Organizer. September: Review your beneficiaries on all IRA, 401(k), insurance policies, etc. Make sure they still reflect your personal situation and your wishes. These beneficiary designations supersede your will, so make sure they match what you want to happen. October: Review your social security benefits. Log onto www.ssa.gov, request a current benefit statement. Look for any discrepancies in your earnings history. Make sure you send a copy to your financial advisor so they can keep up-to-date. November: Estimate your tax situation for the year so you can plan for any year-end actions. Compare this year to last to see if there are significant changes. Review your portfolio to see if it makes sense to book gains or losses before year-end. December: Review your spending over the past year and form your budget for the upcoming year. Knowing how you spend your money is the key to making decisions and living below your means. Start next year off right by spending with a plan!
Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory ServicesSM. Insurance services offered through an Avantax affiliated insurance agency.