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Financial management can help you achieve financial stability. It starts by taking control of your income and expenses and developing good financial habits so you can make well-informed decisions. One way to do this is by creating a financial maintenance calendar. This serves as a financial road map to keep you on track with your budget, debt, and investments.
Below, we explain its importance and benefits, along with what you should complete at each milestone.
Key Takeaways
- A financial maintenance calendar allows you to manage your financial life while helping you review your financial tasks.
- Your monthly calendar tracks your income, expenses, and investments so you can budget your spending.
- Having a quarterly calendar allows you to track savings and investment goals and see if you’re paying for things you don’t need.
- Annual calendars help you prepare for important dates like Tax Day and reviews like estate planning.
What Is a Financial Maintenance Calendar?
A financial maintenance calendar is a way for you to track and manage your income, spending, investments, and debts throughout the year. This tool is also called an accounting or budget calendar, which is commonly used by businesses to track their business activities.
This calendar acts like a checklist or schedule you design and review regularly to ensure that all your financial tasks are completed over time. This includes paying your bills, filing your taxes, reviewing your investments, and setting dates. The key is to reach those milestones and check them off as you complete each.
Benefits of Using a Calendar
A financial maintenance calendar is a powerful financial tool that comes with many benefits—but only if you stick to it. Using one can help you:
- Prioritize and organize your financial life
- Set financial goals
- Schedule your tasks
- Improve your financial planning abilities
- Take the stress out of managing your finances
- Increase your financial awareness by helping you develop good financial habits
Types of Calendars
You can use any calendar system you’re comfortable with as long as you use and stick to it. For instance, you can use:
- A spreadsheet like those offered through Excel
- Digital calendars
- Paper calendars
Monthly Calendar
A monthly financial calendar helps you manage and track your monthly income, goals, and obligations by combining your finances and budgeting information with a calendar throughout the month. The calendar should include the following details:
- Income: Make sure to include all sources of regular income and the amounts, including your salary and wages, investment income, and other income streams. You should also include the dates that you received them so you have an accurate picture.
- Bills and expenses: Include all payments that you make for your housing, food, utilities, debt (credit cards, loans, etc.), transportation, and entertainment. These should be included, as well as the dates.
- Investments: Do you have any savings to which you regularly contribute? Make sure you note these down along with the dates.
You should also consider reviewing your monthly spending budget at this time. Gather any tax documents and set them aside so you have them ready for tax time. Be sure to review your credit report and report any errors you may find. You may want to go through your employer’s benefits plan to see if there is anything that you are missing in your coverage. Now is also a good time to set any financial goals you may have for the future.
Tip
Make sure you check off each task every time you complete it at every interval.
Quarterly Calendar
A quarterly financial maintenance calendar is a structured financial plan that you devise to manage and review your finances every three months. This may not be as thorough as your monthly calendar but is just as important. Having a quarterly calendar allows you to check in with your financial progress, see if you’re meeting your goals, and figure out where you may need to make adjustments if necessary.
Make sure you gather the following documents for your quarterly calendar:
- Checking and savings account statements
- Investment account statements
- Retirement savings account statements
- Insurance policies
- Credit card statements
- Loan statements
Review your documents to ensure that there are no errors, that your targets are on track, and that you’re meeting your savings goals and spending habits. Reviewing your investments each quarter also gives you a good perspective on how their performance aligns with your investment strategy and risk tolerance, and whether you may need to make any adjustments or if there’s a need to speak to your financial advisor.
It’s also a good time to see whether you’re paying for things that you don’t need, such as credit card insurance, a gym membership you don’t use, unused streaming services, or expensive life insurance. Doing a quarterly review may give you a chance to research loan rates if you need to refinance and get a better interest rate on that car loan.
Important
The information in this article should serve as a guide. You may have information or details that you may need to include that are specific to you in your calendars.
Annual Calendar
Your annual financial maintenance calendar should have reminders for important financial milestones and tasks. These include going over your annual budget, reviewing your major investments and insurance policies, and preparing and filing your taxes. Make sure you are aware of any pertinent/important dates, such as Tax Day or personal milestones that you’ve set, that shouldn’t be missed.
Other considerations include:
The Bottom Line
Take charge of your finances by developing a monthly, quarterly, and annual financial maintenance calendar. This tool can help you understand and manage your money, set financial goals, and make sound financial decisions. It can also help you stay organized and plan for the future.
