Personal Finance Calendar

[Ombud]

Reorganized January - May so it's not so overwhelming:

January – May:

Taxes:

• File taxes or extension on time
• Pay 1st quarterly payment for 201
• Adjust withholding as necessary to avoid paying next year

Saving / Debt [WIRS / WIRR]:

• Get a plan - Create (or update) your cash flow statement (income minus expenses) and statement of personal net worth. 
• Manage your debt. Start by paying off all of your high-cost, non-deductible credit cards, and then establish an emergency fund equal to 3-6 months of expenses, if you haven't already.

 

Investments:

• Give your portfolio a checkup—review the performance of your stocks, bonds and mutual funds as you rebalance back to your target asset allocation mix. If you're retired and drawing down income from your portfolio, combine your portfolio rebalancing with your cash flow planning for the next 12 months. 
• Double-check your employer retirement plan contribution percentage. If you're at least 50 years old (or will be by December 31), consider making an additional catch-up contribution. At the very least, try to contribute up to the point where you take advantage of any available employer match. 

Create (or review) your financial disaster plan.

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis. 

Insurance: 

• Check insurance policies (property and casualty, liability, health, disability, life) to be sure you're not paying too much for the wrong kind of coverage.
• Create (or update) an inventory of your home and personal property. Upload video to the cloud insurance (and/or estate) purposes

[Ombud]

January – May:

Taxes:

• File taxes or extension on time
• Pay 1st quarterly payment for 201
• Adjust withholding as necessary to avoid paying next year

Saving / Debt [WIRS / WIRR]:

• Get a plan - Create (or update) your cash flow statement (income minus expenses) and statement of personal net worth. 
• Manage your debt. Start by paying off all of your high-cost, non-deductible credit cards, and then establish an emergency fund equal to 3-6 months of expenses, if you haven't already.

 

Investments:

• Give your portfolio a checkup—review the performance of your stocks, bonds and mutual funds as you rebalance back to your target asset allocation mix. If you're retired and drawing down income from your portfolio, combine your portfolio rebalancing with your cash flow planning for the next 12 months. In process... actually kinda lost here.
• Double-check your employer retirement plan contribution percentage. If you're at least 50 years old (or will be by December 31), consider making an additional catch-up contribution. At the very least, try to contribute up to the point where you take advantage of any available employer match. 

Create (or review) your financial disaster plan.

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis. WELL, my name is still misspelled. No matter how hard I try to correct that, it isn't getting corrected

Insurance: 

• Check insurance policies (property and casualty, liability, health, disability, life) to be sure you're not paying too much for the wrong kind of coverage. ; Emailed USAA asking to up my umbrella coverage.
• Create (or update) an inventory of your home and personal property. Upload video to the cloud insurance (and/or estate) purposes I did a trust last November - surprisingly little value in my household belongings

[Ombud]

Not that I'm done with the first 5 months, but here's June:
June
•Perform a mid-year review of your finances to be sure you're on track:
•Double check your actual year-to-date income and expenses against your cash flow projections.
•Are you on track with your retirement contributions and other savings?
•Run a projection of your income taxes to be sure you are not paying too much or too little income tax (either through withholding or quarterly payments).

•Planning a June wedding? Don't forget to update your financial plan accordingly.
•If applicable, second-quarter estimated income tax payments are due by June 15 (June 17 for 2013, because June 15 falls on a Saturday).

[thyme4change]

Taxes:
File taxes or extension on time
Pay 1st quarterly payment for 201
Adjust withholding as necessary to avoid paying next year

Saving / Debt [WIRS / WIRR]:
Get a plan - Create (or update) your cash flow statement (income minus expenses) and statement of personal net worth.
Manage your debt. Start by paying off all of your high-cost, non-deductible credit cards, and then establish an emergency fund equal to 3-6 months of expenses, if you haven't already.

Investments:
Give your portfolio a checkup—review the performance of your stocks, bonds and mutual funds as you rebalance back to your target asset allocation mix. If you're retired and drawing down income from your portfolio, combine your portfolio rebalancing with your cash flow planning for the next 12 months.
Double-check your employer retirement plan contribution percentage. If you're at least 50 years old (or will be by December 31), consider making an additional catch-up contribution. At the very least, try to contribute up to the point where you take advantage of any available employer match.

Create (or review) your financial disaster plan.
Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.

Insurance:
Check insurance policies (property and casualty, liability, health, disability, life) to be sure you're not paying too much for the wrong kind of coverage.
Create (or update) an inventory of your home and personal property. Upload video to the cloud insurance (and/or estate) purposes

---

I am much more on-time than I thought I would be.  I guess I need to create an inventory of our house.  I haven't pulled a credit report.  I'm hoping what I don't know won't hurt me.

[Ombud]

REBALANCING GOAL:	TARGET	CURRENT	DIFFERENCE
BUFBX	15%	8%	7%
PIMCO	15%	15%	0
SCHD	15%	15%	0
SPY	15%	14%	.6%
INHERITED CDs	20%	18%	2%
EXPLORE - CASH	10%	10%	0
SCHA	2.5%	2.5%	0
AFL	2.5%	2.1%	.4%
T	2.5%	3.7%	-1.2%
VT	0%	11.3%	-11.3%
exploratory sm cap	2.5%	0	2.5%
	100%	100%	%

As close as I can get today.  And this took eliminating several positions to try to get it this simple. Still need to reorganize some but not today. Conditional orders in --


Thyme: You can get a free credit report online -- better to know what needs to be corrected than trying to do it in a vacuum. And it might be better than you think!

[Ombud]

My target was to have 18% in CDs, I am NOT earning 18% on my CDs. Unfortunately. I only earn an average of 5% on them

[Ombud]

Accomplished January – June:

Done:

• Taxes
• Saving / Debt [WIRS / WIRR]
• Investments: Portfolio check-up now on weekly review
• Create (or review) your financial disaster plan
• Insurance: reviewed added to as needed 
  

Here's the rest of the year~~~
 
July

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
• Keep learning—add at least one good book on personal finance or investing to your summer reading list. Meanwhile, consider signing up for an online workshop.

August

• Compare what you actually spent on vacation to the amount you projected in your annual cash flow plan. Start thinking about your holiday budget.
• As the kids or grandkids get ready for school, think about establishing or contributing to a Coverdell Education Savings Account and/or 529 College Savings Plan on their behalf.

September

• Review your estate plan.
• If applicable, third-quarter estimated income tax payments are due by September 15 (September 16 in 2013, because September 15 falls on a Sunday).
• If you want to establish a SIMPLE IRA this year for your small business, the account must be opened by October 1.
• You have until October 15 to recharacterize a 2012 Roth IRA conversion. If you already filed your 2012 federal income tax return, you will need to file an amended return along with IRS Form 8606 (check the rules for your state if you already filed a state income tax return).

October

• File your income tax return by October 15 if you requested a six-month extension back in April.
• Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
• As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

November

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
• Don't charge more for holiday gifts than you can comfortably pay for in full when the January credit card statements come around.
• Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity or to a donor advised fund account before the end of the year.

December

• Check your portfolio again for loss-harvesting candidates, as you rebalance back to your strategic, long-term asset allocation.
• If applicable, don't forget to take the annual required minimum distribution from your IRA by December 31.
• If you want to establish an Individual 401(k) or other QRP (qualified retirement plan) this year for your small business, the account must be opened by December 31.
• Request your annual Social Security benefit statement from ssa.gov. Compare your earnings record against your old tax return info for accuracy.
  

[Ombud]

Accomplished January – June:

Done:

• Taxes
• Saving / Debt [WIRS / WIRR]
• Investments: Portfolio check-up now on weekly review
• Create (or review) your financial disaster plan
• Insurance: reviewed added to as needed
• TO DO: Run a projection of your income taxes to be sure you are not paying too much or too little income tax (either through withholding or quarterly payments).

Summertime List:

July

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
• Keep learning—add at least one good book on personal finance or investing to your summer reading list. Meanwhile, consider signing up for an online workshop.

August

• Compare what you actually spent on vacation to the amount you projected in your annual cash flow plan. Start thinking about your holiday budget.
• As the kids or grandkids get ready for school, think about establishing or contributing to a Coverdell Education Savings Account and/or 529 College Savings Plan on their behalf.

Future Tasks:

September

• Review your estate plan.
• If applicable, third-quarter estimated income tax payments are due by September 15 (September 16 in 2013, because September 15 falls on a Sunday).
• If you want to establish a SIMPLE IRA this year for your small business, the account must be opened by October 1.
• You have until October 15 to recharacterize a 2012 Roth IRA conversion. If you already filed your 2012 federal income tax return, you will need to file an amended return along with IRS Form 8606 (check the rules for your state if you already filed a state income tax return).

October

• File your income tax return by October 15 if you requested a six-month extension back in April.
• Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
• As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

November

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
• Don't charge more for holiday gifts than you can comfortably pay for in full when the January credit card statements come around.
• Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity or to a donor advised fund account before the end of the year.

December

• Check your portfolio again for loss-harvesting candidates, as you rebalance back to your strategic, long-term asset allocation.
• If applicable, don't forget to take the annual required minimum distribution from your IRA by December 31.
• If you want to establish an Individual 401(k) or other QRP (qualified retirement plan) this year for your small business, the account must be opened by December 31.
• Request your annual Social Security benefit statement from ssa.gov. Compare your earnings record against your old tax return info for accuracy. [available online]
  

SO I NEED TO:

1. Read a book or take an investment class
2. Run a tax liability projection?

As far as the tax liability projection goes, I have difficulty with this. Sometimes I make 1-2k capital gains / sometimes I lose. How do I factor that in? Frankly I'm happy if I owe less than 1k as that is the threshold for NOT owing underpayment penalty. Which is my personal benchmark. Do you plan it all out or just plan to be close?

[resolution]

Great job keeping on top of things! I was going to try to join in but the August thing about comparing my actual vacation expenses to my projected expenses sent me running in terror...

[ses]

•Create (or review) your financial disaster plan.

Tell me about this.  What do you include in your financial disaster plan?  Sounds like something i should be doing.

I did read Robert Reich's book Aftershock.  Made me think.

[Ombud]

So I thought about my financial disaster plan a lot when setting it up and wound up:

1. Listed out bare bones essentials (power, inside house water, health insurance, property tax / insurance, $50 month for food). These are things I cannot live within. No niceties.

2. Multiplied shortage by 8 to reach 8 month emergency fund needs

3. Put that amount into a high interest savings account & not touch it

4. Put what I would need for 1 week (in case of earthquake) in safe

5. Plan out / set myself up for employment if all else fails. I'm on this step now (just joined Experience Unlimited to rebrand self)

In all honesty, I have paid off my home and have a pension equivalent to what I'll get from SSA at 70. But I still want that 8 month cushion just in case my government pension stops

[Peace Of Mind]

Aug 22, 2013 19:05:15 GMT -5 ses said:

•Create (or review) your financial disaster plan.

Tell me about this.  What do you include in your financial disaster plan?  Sounds like something i should be doing.

I did read Robert Reich's book Aftershock.  Made me think.

Did you read the one with the secret paragraph that was missing in the first Edition?  The YMer in me makes me too cheap to buy the book and the EEer in me makes me too lazy to check if the library has it.   

[Ombud]

Im checking it out of the library but how do I know if there's a "missing paragraph."

[Ombud]

As far as the tax liability projection goes, I have difficulty with this. Sometimes I make 1-2k capital gains / sometimes I lose.

Progress today. I have inherited a loss of 4700 + stop loss crossed and I have my own loss of 1900. So my excessive loss is around 600. Don't want to roll it over to 2014 so I need to take taxable capital gains. Will roll out of a mutual fund (but not just yet) to take gains. Hoping to wipe out that loss entirely. I think reviewing this monthly will keep me on track

[ses]

My copy of Aftershock  is the first edition.  I bought it from a book discounter (HamiltonBooks.com) .  Where is the secret paragraph?  As I read it, nothing seemed to be missing.  But, I read it so fast I might have missed something.

I do have an emergency financial plan in place, but I need to review it.  I don't have anything set up at home though.  I should, considering tornadoes and blizzards are not unknown here.

[Ombud]

Keeping a certain amount of money at home is sort of a problem for me. Hard to stay out of but if there's an earthquake, ATMs shut down

[Ombud]

Accomplished January – August:

Done:

• Taxes
• ☆Saving / Debt [WIRS / WIRR]
• ☆Investments: Portfolio check-up now on weekly review
• ☆Created / reviewed financial disaster plan
• ☆Insurance: updated umbrella insurance 
• ☆Reviewed credit report every 4 months
• ☆Contacted SSA re: missing year
• ☆Created estate and transferred house into it
• ☆Updated will
• ☆Vacation spending within budget - have $1500 leftover ♥ So do I go again or roll over to next year

September:

• ●Read Aftershock
• ●Take seminar from Schwab or Fidelity
• ●Inherited tax loss + brokerage loss = 6624. Need to take gains

[/ul]

October:

• ●Review open enrollment options 

November

• ●Get a free annual copy of credit report from 3rd reporting agency
• ●Keep Holiday spending at $400 [cash only basis]
• ●Review charitable giving program and consider making tax-deductible gifts to charity or to a donor advised fund account before the end of the year. (I don't itemize)

December

• ●Check your portfolio again for loss-harvesting candidates, as you rebalance back to your strategic, long-term asset allocation

[Ombud]

Aug 26, 2013 22:30:04 GMT -5 Ombud said:

Accomplished January – August:

Done:

• Taxes
• Saving / Debt [WIRS / WIRR]
• Investments: Portfolio check-up now on weekly review
• Created / reviewed financial disaster plan
• Insurance: updated umbrella insurance 
• Reviewed credit report every 4 months
• Contacted SSA re: missing year
• Created estate and transferred house into it
• Updated will
• Set up seminar for 4 @ Schwab to review Recognia
• Vacation spending within budget - have $1500 leftover ♥ possible late year London trip

September:

• Read Aftershock
• Addressing capital + inherited tax loss

[/ul]

October:

• Review county open enrollment options (due 11/1)

November

• Get a free annual copy of credit report from 3rd reporting agency
• Keep Holiday spending on budget
• Review charitable giving program

December

• Check capital gains/ losses and adjust as needed
• Rebalance asset allocation

[/quote]

[Ombud]

Accomplished January – September:

Done:

• Taxes
• Saving / Debt [WIRS / WIRR]
• Investments: Portfolio check-up now on weekly review
• Created / reviewed financial disaster plan
• Insurance: updated umbrella insurance 
• Reviewed credit report every 4 months
• Contacted SSA re: missing year
• Created estate and transferred house into it
• Updated will
• Set up seminar for 4 @ Schwab to review Recognia
• Vacation spending within budget
• Addressed inherited tax loss [still some to recoup @ yr end]

October:

• Review county open enrollment options (due 11/1)

November

• Get a free annual copy of credit report from 3rd reporting agency
• Keep Holiday spending on budget

December

• Check capital gains/ losses and adjust as needed
• Rebalance asset allocation
• Year end charity contributions

 

[ses]

I am so impressed, you are so on top of things.  Much better than I.  What did you think of Aftershock?

[Ombud]

Can you believe that the library lost 1 copy & the other is overdue?!?#!

I'm #3 on the hold list  

Decided to keep health insurance as is. Its only going from $260 to $289. So I'll work on this more after the trip. Unless the market ★magically★ recovers I'll be reaping more losses

[Ombud]

Accomplished January – mid-October:

• ☆Taxes
• ☆Plan savings [WIRS]
• ☆Investments: Portfolio check-up now on weekly review
• ☆Created / reviewed financial disaster plan
• ☆Insurance: updated umbrella insurance 
• ☆Reviewed credit report every 4 months
• ☆Contacted SSA re: missing year
• ☆Created estate and transferred house into it
• ☆Updated will
• ☆Vacation spending within budget
• ☆Addressed inherited tax loss [still some to recoup @ yr end]
• ☆Enrolled in the online finance class mentioned on YM - me & 13k others
• ☆Sticking with same health plan
• ☆Contacted corporate re: incorrect pay records (paid but wage stubs dn match earnings)

November

• ☆Get a free annual copy of credit report from 3rd reporting agency
• ☆Keep Holiday spending on budget

December

• ☆Check capital gains/ losses and adjust as needed
• ☆Rebalance asset allocation
• ☆Year end charity contributions

[Ombud]

Start with October and do a little bit each month! Its a marathon, not a sprint:

October

• File your income tax return by October 15 if you requested a six-month extension back in April.
• Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
• As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

November

• Get a free annual copy of your credit report from one of the three major reporting agencies on a rotating basis.
• Don't charge more for holiday gifts than you can comfortably pay for in full when the January credit card statements come around.
• Take time to give thanks for another year of financial success. Review your charitable giving program and consider making tax-deductible gifts to charity or to a donor advised fund account before the end of the year.

December

• Check your portfolio again for loss-harvesting candidates, as you rebalance back to your strategic, long-term asset allocation.
• If applicable, don't forget to take the annual required minimum distribution from your IRA by December 31.
• If you want to establish an Individual 401(k) or other QRP (qualified retirement plan) this year for your small business, the account must be opened by December 31.
• Request your annual Social Security benefit statement from ssa.gov. Compare your earnings record against your old tax return info for accuracy.
  

[seriousthistime]

I'll jump in here, starting with October.

October

File your income tax return by October 15. [N/A]
Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

I projected my federal taxes and should get a refund of about $1K or so. I almost panicked when I reviewed my HSA contributions and thought I was going to exceed the limit by quite a bit. But it looks like I'll be okay, and I can remove any excess contributions before I file my taxes, if needed.

I think I'm sticking with my current choices on benefits, but I need to fill out paperwork for 2014 for the 401(k) catchup and the HSA payroll deductions. Might as well do that during open season.

[Ombud]

Good going, Seriousthistime! It's all about knowing early enough to be proactive if future changes need to be made

[seriousthistime]

Yes, but it took me forever to project my taxes, figure out whether I over-deposited into my HSA and what to do about it, and figure out what paperwork needs to be filed during open season, and what does not.  (Normal 401(k) contributions, no need to change -- unless the annual max changes which it is not expected to for 2014, but catchup contributions expire at the end of the year so I do need to fill out a form for that for 2014; HSA max deposits are increased but the form to change it apparently comes from my health plan). 

Reading all that makes my head want to explode. 

[Ombud]

I know. I did mine with a rough estimate (IRS online tool) & it still took longer than expected. Might get 3500 back -- that'll go a long way towards my 2014 WIRS goals

[Ombud]

November

• ★Got final 2013 free credit report
• ★Took some capital gains today bringing tax loss down to 5800 (inherited) as I can only write off 6k per year (hate carryovers)
• ☆Rebalancing asset allocation Monday
• ☆ Keep Holiday spending on budget (WIRS)

[ses]

I need to do some work on my taxes.  I bought some shares last year, on a whim, that have done outstandingly well.  The problem is that I bought them in a personal account rather than my Roth so now I will have some tax consequences.  I am tempted to just buy some in my Roth and sell the other shares for taxes.  What makes this so troublesome is that i also converted an IRA to a Roth and had planned to pay the taxes from personal funds.  This is going to be an expensive year.  I don't even have any losses to help this year.

[Ombud]

I've heard that the forms will be late again this year. It really makes it harder to estimate what we owe.