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JJ Montanaro
Courtesy of USAA
Money/Finance
www.usaa.com
Could you use a little help getting your finances in shape? USAA offers this calendar outlining simple steps you can take each month to help get your finances in shape this year.
Get Fiscally Fit in 2010
by JJ Montanaro (USAA), posted April 2010
January
Slash debt.
- Create a plan to pay off holiday debt quickly. A $5,000 credit card balance with a 13 percent interest rate could take at least eight years to pay off if you only pay the minimum monthly payments.
- Call your credit card company to request a lower interest rate.
Build an emergency fund.
- Prepare for a rainy day by saving some money each month to build an emergency fund. Work toward saving at least six months of basic living expenses.
February
Take care of your sweetheart.
- Review life insurance coverage for you and your spouse. It’s not a typical Valentine, but if the worst were to happen, it could be one of the most meaningful.
Adjust W-4 withholding.
- Calculate the right amount of taxes to withhold in 2010 by using the “IRS Withholding Calculator” at www.irs.gov.
March
Get guidance.
- Whether you buy a book, research online, or consult with a financial advisor, take a step toward learning about financial basics and get advice on long-term goals.
Rev up auto coverage.
- Check that you’re getting a good deal on car insurance by obtaining price quotes from insurance providers with top financial ratings.
- Review your auto policy and make sure you have the right liability coverage. Consider raising your collision deductible to lower your premium.
March
Get guidance.
- Whether you buy a book, research online, or consult with a financial advisor, take a step toward learning about financial basics and get advice on long-term goals.
Rev up auto coverage.
- Check that you’re getting a good deal on car insurance by obtaining price quotes from insurance providers with top financial ratings.
- Review your auto policy and make sure you have the right liability coverage. Consider raising your collision deductible to lower your premium.
...coming...
April
Make IRA contributions.
- You have until April 15 to make IRA contributions and enjoy the tax benefits.
- If you’re 49 or younger, you can contribute up to $5,000 to an IRA. Those 50 or older by December 31 can contribute up to $6,000.
Pay Taxes.
- Pay taxes by April 15, or you could be subject to penalties – even if you filed an extension.
May
Take stock.
- Complete a personal property inventory – either as a list or by filming your belongings. Access a free Inventory Worksheet by visiting The USAA Educational Foundation at usaaedfoundation.org. Be sure to put it in safe, fireproof location, like a safe deposit box.
- The USAA Educational Foundation (the "Foundation") is a nonprofit organization sponsored by USAA. The mission of the Foundation is to help individuals make informed decisions by providing information on financial management, safety concerns, and significant life events. Its publications are available to the general public free of charge. The Foundation does not endorse or promote any commercial supplier, product or service.
June
Get pre-qualified.
- If you’re home shopping, get pre-qualified for a mortgage loan to make the process easier.
- Be sure not to buy more house than you can afford – mortgage payments should fit within your budget. A mortgage calculator, like the one on usaa.com, can help.
School's Out
- Take this opportunity to teach your kids financial responsibility by opening a savings account for them (some can be opened for just $1) or signing up for a pre-paid card.
July
Get a check-up.
- Take 30 minutes to review your financial goals with a financial professional and determine if you are on track for the rest of the year.
- • Find an online tool that helps you determine where you are financially.
Streamline bills.
- Enroll in online bill pay to save time, pay on time and help you stay on budget.
August
Insure to value.
- If you lost your home right now, would your insurance benefits allow you to rebuild? Make sure your home is insured to its current value, including any home additions or renovations.
Declare independence from debt.
- Create a plan to pay off loans for education, home improvements, or cars. Making just one extra payment a year can greatly reduce the life of your loan and amount of interest you pay.
September
Save for education.
- If your retirement plan is in shape, start saving for your kids’ college education.
Put your wishes in writing.
- Create or update your will, power of attorney, and health care proxy to ensure loved ones know your wishes.
October
Take a spin.
- With auto factory-to-dealer incentives high this time of year, now may be a great time to buy a new car. Consider using a price-negotiating service to help you get the best deal.
Don't be scared.
- Identity theft is a frightening reality. Get a free credit report annually at annualcreditreport.com, and be sure someone else’s mistake doesn’t end up on your report.
December
Be a savvy spender.
- Avoid a holiday debt hangover by making a list, checking it twice and setting a spending limit before you hit the mall or shop online. And make this the year you stick to it!
Play Santa.
- Make your charitable donations before December 31, so you can claim the tax benefits next April.
November
Plan for the unexpected
- One out of seven employees will become disabled for five years or more before retirement. Reexamine your need, or your spouse’s need, for disability insurance to ensure your household income is protected.
Get organized.
- Be sure you have all legal documents organized and stored safely in a fire-proof box. Don’t put your will in a safe deposit box – your family members may not be able to get to it if it’s needed.
USAA or its affiliates do not provide tax advice. Taxpayers should seek advice based upon their own particular circumstances from an independent tax advisor.
This material is for informational purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.
USAA means United Services Automobile Association and its insurance, banking, investment and other companies. Banks Member FDIC. Investments provided by USAA Investment Management Company and USAA Financial Advisors Inc., both registered broker dealers. USAA Financial Planning Services is a service mark of USAA that refers to the financial planning services and financial advice provided by USAA Financial Planning Services Insurance Agency, Inc. (known as USAA Financial Insurance Company in California, Lic. #0E36312), a registered investment adviser and insurance agency and its wholly owned subsidiary. USAA Federal Savings Bank is a an Equal Housing Lender.
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