If you are ready to make a big change to how you handle your finances, creating a financial calendar can be a great way to get started. If you have never done this before, you might be overwhelmed by the task. However, creating a financial calendar is probably easier than you think. These are a few tips that can help.
How to Create a Financial Calendar
Set Financial Goals
First of all, you may want to start out by setting financial goals for yourself for the year. You may want to focus on debt consolidation and paying down your debts, or you might want to hit a certain savings or investment goal. Setting these goals now can help you use your calendar to map out your plan for achieving them.
Redo Your Budget
On your financial calendar, you will probably want to track things like when certain bills need to be paid. Before you can do this, you will need to come up with a family budget. Then, you can track how all of your money will be spent. If you already have a budget, now is a good time to sit down and look for ways that you can adjust it, if necessary.
Save Up an Emergency Fund
If you do not already have an emergency fund, now is the time to work toward saving for one. Then, you will have money set aside for emergencies, such as if you get laid off or if you or one of your family members get sick. Typically, a $1,000 emergency fund is enough to start when creating a financial calendar.
Mark the Dates for When You’ll Check Your Credit Reports
Each of the three major credit bureaus will allow you to check your credit report for free once every 12 months. Tracking your credit report will help you look for inaccuracies that might need to be disputed and can help you see when negative entries fall off of your report. If you use a calendar, you can track when you will be eligible to check your report for free again. This can help remind you to stay on top of your report.
Write Down Insurance Renewal Dates
You might have insurance coverage on your car, your house and more. Making sure that you track your insurance renewal dates on your financial calendar will help you ensure that you are financially prepared to make your renewal payments and can help prevent you from experiencing a lapse in your insurance coverage.
Track Upcoming Raises
If you know that you will be receiving a raise later in the year, you may want to write this down on your calendar. This will give you something to look forward to and can help you get started in planning how you will handle the additional income after you get your raise.
As you can see, creating a financial calendar is a rather simple process if you follow a few simple steps. If you take the time to write out your financial calendar, you can get your money in order.