Get financially organized.
If your New Year’s money resolution is to stay on top of your finances, a calendar can help.
After all, much of staying organized with your finances means keeping track of dates. Just as you don’t want to be late with a credit card bill, you really don’t want to be late filing your taxes.
So, pull out your digital or paper calendar and start marking the following dates. Some may not be relevant to your life, but the main point of this exercise is to think about the next 12 months and how your financial situation is likely to unfold.
Jan. 1
There’s a lot to think about today. For starters, you have an entire year ahead of you. Consider these 50 ways to improve your finances in 2023. Commit to a budget, for example, and for motivation think about your summer vacation plans or a big purchase you’d like to make.
Meanwhile, for those collecting Social Security, your paycheck will go up this month with an 8.7% cost of living adjustment to your monthly benefits. There will also be the usual Medicare changes you’ll want to look into and work into your budget.
Jan. 15
Today is important if you don’t have health insurance. It’s the last day to enroll in or change plans for 2023 if you’re getting coverage through the federal health insurance marketplace on HealthCare.gov. After this date, you can enroll or change plans only if you qualify for a special enrollment period.
Jan. 16
This is a day that self-employed people need to keep in mind. Jan. 16 is the date by which you’ll want to send the IRS estimated tax payments (for the fourth quarter of 2022) if you’re a freelance or contract employee.
Jan. 31
There’s nothing particularly special about this day (unless it happens to be your birthday), but the year is 1/12th over. Have you made progress toward any of your 2023 financial resolutions? If you plan on putting more into your retirement fund or savings account or have vowed to start an emergency fund, what are you waiting for?
This could be a very good date to organize yourself before 2023 rushes by — and it will go by faster than you think.
Feb. 1
To save more in 2023, try a Frugal February challenge.
It’s an idea that’s been around for several years now: Use this shorter-than-usual month to make some financial sacrifices. Spend a bit less, save a bit more and try to get your money situation more organized.
There are plenty of other popular money-saving challenges to try. For example, consider ano-spend challenge and join a Buy Nothing group.
March 31
This is the last day of the Medicare Advantage Open Enrollment Period. It lasts from Jan. 1 to March 31.
Every year, if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to original Medicare and join a separate Medicare drug plan.
April 18
Today is the day you should be filing your federal tax return and likely your state return. (Unless your state sticks to the typical April 15 deadline, so make sure you check.)
You have until midnight to apply for an extension, e-file or postmark your individual tax return.
Tax days are traditionally on April 15, but due to the weekend, the Internal Revenue Service pushes it a day or two down the road. Because Monday is Emancipation Day, a holiday in the District of Columbia, the tax filing deadline is moved to April 18, a Tuesday.
In addition, April 18 will be the last day to make a 2021 IRA contribution.
April 27
If you have kids, consider marking this date “Teach Children to Save Day.” Sponsored by the American Bankers Association, the program’s goal is to help young people develop savings habits.
Mary Alice Hughes, co-owner of Insurance Advantage & LMA Financial Services in Jacksonville, Arkansas, suggests an activity to do with your child. Start with three mason jars to decorate.
“One jar for charitable giving, one for saving and one for spending,” Hughes says. “A great rule of thumb for saving that you can teach your kids is give 10% to charity, save 10% for things they want down the road and spend or live on the remaining 80%.”
May 14
It’s Mother’s Day today. If you have a mother in your life, you may want to put some money aside for some flowers, a nice card or perhaps take her out to brunch. Here are some other low-cost ways to celebrate Mom.
May 29
Today is Memorial Day, and while it’s a day for mourning and remembering American military personnel who have died while serving, it’s also, frankly, a big time for sales. If you’re looking for a deal on appliances, mattresses or even a car, Memorial Day weekend can be a good time to find steep discounts
June 15
Today is the day when self-employed taxpayers should make another payment of their 2022 estimated tax for the second quarter of the year. This is assuming that you aren’t already paying income tax throughout the year.
June 18
Today is Father’s Day, so you may want to put some money aside for a gift, card, flowers or lunch. You can also celebrate dad with one of these free things to do.
June 30
Today is the last day to apply for federal student aid for the 2022-23 academic year. (If you’re hoping to apply for the 2023-24 year, it’s not time yet. That doesn’t start until October.) Here’s where to apply.
You have until 11:59 p.m. CST on June 30, 2023, to file the FAFSA form. If you file but need to make any corrections or updates, you must submit them by 11:59 p.m. CST, Sept. 9, 2023.
July 1
We are now halfway through 2023. Wow, that was fast. This is a great time to do a midyear financial checkup. Review what progress you’ve made since January and make plans for the rest of the year to reach your goals.
Aug. 4
This is the start of Missouri’s annual “back to school” tax holiday. On Aug. 4-6, you can buy school supplies and school clothes and computers and receive a sales tax holiday.
And what if you live in one of the other 49 states?
Then you’ll want to search online for your state’s tax holida to take advantage of tax-free weekend sales. Most states hold them in August, although some are in July.
Sept. 4
It’s Labor Day, another good day for sales. And now that it’s the unofficial end of summer, it’s not a bad idea to start thinking about budgeting and putting money aside for holiday shopping — and in general, thinking about your progress on financial goals.
If you’ve resolved to cut costs, you might want to comparison shop for a new insurance plan or apply for a balance transfer credit card so you can finally eliminate some revolving debt.
The point is that a new season is coming, and life tends to get busy in the fall, especially if you have kids. Make sure your budget is prepared.
Sept. 15
This is the day to make third-quarter estimated tax payments for 2023 if you’re self-employed. If you’re not self-employed and have taxes regularly coming out of your paycheck, you don’t need to give this date a second thought.
Oct. 1
This is another date to keep in mind if you have a child attending college. “If your child plans on filing for federal financial assistance for college, FAFSA applications can be submitted as early as Oct. 1, 2023,” Hughes says. “Make sure you have all of your financial information before starting the application. There is also a FAFSA app that can be used on your phone and other devices.”
Oct. 16
Did you file an extension for your federal taxes? Usually, Oct. 15 is the last day to file, but since that falls on a Sunday this year, Oct. 16 is the deadline for completing and submitting those tax forms.
“There are serious consequences for not paying your taxes on time. The IRS website lists the penalties and charges you may be faced with if you don’t file on time,” Hughes says.
This is also the day when Medicare open enrollment begins. Oct. 15 to Dec. 7, 2023, is the period to make any changes that you’d like for your 2024 coverage.
Nov. 1
Today is the opening day of the federal health insurance marketplace enrollment for 2023 health insurance coverage. The marketplace open enrollment period on HealthCare.gov runs from Nov. 1, 2023, to Jan. 15, 2024.
This would also be a good time to start thinking about your holiday shopping plan.
Nov. 24
Black Friday is today, followed by Small Business Saturday (Nov. 25) and Cyber Monday (Nov. 27). Unfortunately, nobody’s come up with a catchy holiday shopping day name for Tuesday yet. At any rate, now’s the time to get your wallet out and take advantage of the holiday sales.
Dec. 31
Another year in the books. Where did the time go?
Before 2024 arrives, you’ll want to think about how financial decisions you make before year-end might affect your taxes next year.
For instance, do you want to make one more 401(k) contribution? Or, perhaps donate anything to charity to get another tax deduction? Or, maybe it’s just time to relax and watch the ball drop at Times Square and know that for the last 12 months you finally were on top of your finances.
And if that’s not the case, there’s always next year.
Mark these dates on your 2023 calendar:
— Jan. 1.
— Jan. 15.
— Jan. 16.
— Jan. 31.
— Feb. 1.
— March 31.
— April 18.
— April 27.
— May 14.
— May 29.
— June 15.
— June 18.
— June 30.
— July 1.
— Aug. 4
— Sept. 4.
— Sept. 15.
— Oct. 1.
— Oct. 16.
— Nov. 1.
— Nov. 24.
— Dec. 31.
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Important Dates to Mark on Your Personal Finance Calendar originally appeared on usnews.com
Update 12/22/22: This story was published at an earlier date and has been updated with new information.
