YOUR MONEY
Financial Health, Year-Round
Start your year off right! Here are a few ways to plan for a better financial future - month-by-month.
January
Be a part of the crowd: Make that financial New Year's Resolution. Take a full inventory of your finances, from the cost of life insurance to the yield you earn on your savings account. Commit to change.
February
Tax time is the perfect time to take a big-picture look at your finances. Re-assess your investments and savings to ensure you will meet your long-term goals.
March
You may be able to reduce your tax liability by opening an IRA. IRAs can lower your tax liability and help you save for the future. Plus, depending on your income requirements, you might be eligible for the Saver's Credit, which rewards people for saving.
April
Owe on your taxes? Consider taking a look at your deductions to see if you can reduce that tax bill next year.
May
Each spring, "Home for Sale" signs pop up quicker than daisies. Spring and summer are prime times to buy or sell a house. If you're considering buying or selling a home, use a reputable source, do your homework and shop for rates with the same passion as you'd shop for a home.
June
June is the perfect month for a mid-year financial tune up. What interest are you earning on your savings? Do you need to sock more away for retirement? How's that debt reduction plan coming along?
July
The summer months are a hot time for interest rates. It's also a great time to complete those home improvement projects around the house. Or, consider refinancing your existing mortgage at a lower rate.
August
Prepare for back to school, and beyond. If you've got older kids at home, consider giving them a school budget - loaded on a prepaid debit card. Make them pick between that trendy T-shirt and those must-have - but very pricey - pants.
September
Do you have children going to college this year? Don't let them fall victim to the endless parade of credit card solicitations. Ease them into plastic with a prepaid debit card; they're easy to use, but unlike a credit card, they can only spend what they have.
October
Got credit card debt? Outline a plan to get it paid off. Whether it takes three months or a year, you'll feel great when you rid yourself of that debt.
November
Save yourself a trip to the mall and consider gifts for the holidays that send a fiscally positive message. Give the kids in your family a newly opened savings account or certificate of deposit.
December
Dreaming of summer vacation? Start your vacation fund this month. Put aside a lump sum every month and take that cruise to the Greek Isles in July - without credit card debt.