WHAT WILL YOU ACCOMPLISH IN 2021 ?
A Financial Checklist You Can Handle
Are you thinking about the many ways you can make 2021 better than 2020 ? While
you might not be able to directly control things on a national or global stage , you do have the ability to make sure your own financial wellness and long-term economic stability are in order .
In the year ahead , consider implementing this month-by-month checklist . It includes some key financial tasks and is sure to help you find success in in the new year .
By Matthew W . Campbell , CFP ® ChFC ® Accredited Investment Fiduciary ® ( AIF ® ) Investment Partners , LTD mcampbell @ invp . com
FINANCIAL TIPS FOR EVERY MONTH
JANUARY
• Establish a will or trust with an estate attorney . Getting your affairs in order is one of the greatest gifts you can give your loved ones . If you already have a will in place , review the documents with your attorney and make any necessary changes .
• Create a budget . A monthly plan for spending and saving will help keep your finances in check , whether you ’ re reevaluating your financial life or just trying to maintain good habits .
• Get ahead on your mortgage . If you can swing it , make a full extra payment toward your mortgage principal , which may help shorten the length of your loan .
FEBRUARY
• Review life , home , and auto insurance . Have you experienced a major life event in the past year , such as a marriage or birth ? Significant changes in your life should prompt you to reevaluate your coverage .
• Revisit beneficiary designations for life insurance and retirement accounts . Review your accounts to ensure that the correct beneficiaries or designations are listed .
MARCH
• Check your investment portfolio allocations and current holdings . Even though your financial advisors monitor your investment portfolio and holdings regularly , you should also be aware of where and how your assets are invested .
• Explore loans , grants , and other sources of financial aid . If you have a college-bound child , it ’ s wise to get an early start on researching the options available . The government-sponsored website
studentaid . ed . gov is a great place to begin .
APRIL
• Look over your online Social Security statement . Check your benefits information and earning record , and update any outdated personal information .
MAY
• Review 401 ( K ), IRA , and SEP plans . Keep an eye on your balances , make regular contributions and consider whether you can increase your monthly allocation .
JUNE
• Check your credit report . Request your free credit report at www . annualcreditreport . com , and review it carefully for mistakes or suspicious charges , which could be a sign of identity theft .
6