2025 Personal Finance Calendar

January: Lay the groundwork

• Set financial goals. Define what you want to achieve financially in the next year, 3 to 5 years and beyond. Write down your goals. Consider keeping them visible to help you stay motivated.
  
  
• Review your budget. Create or update your budget to align with your financial goals. Don’t know where to start? Try our budgeting tips and worksheet. Then regularly review your budget and adjust it as needed.
  
  
• Build an emergency fund: Aim to save enough to cover 3 to 6 months of expenses. You could start with a goal of $1,000 and then build it up over time. Set up automatic transfers to a savings account to help boost your balance.

February: Enhance your savings

• Increase retirement plan contributions. Stepping up your contributions by even a small amount can make a big difference. To see how changing your pre-tax contributions might affect your take-home pay, use the Paycheck Impact Calculator. You can log in to adjust your contribution amount.
  
  
• Review subscriptions. Identify and cancel unused or forgotten subscriptions to free up money for savings. Look for recurring charges on credit card or bank statements, check apps for active subscriptions and search your email using terms like “subscription,” “receipt” or “renewal.”
  
  
• Manage debt. List all your debts including how much you owe, what your interest rates and minimum payments are, and potential fees and penalties. Once you have all your debts laid out, make a plan to tackle them such as paying off debt with the highest interest rate first. If you can, build an emergency fund and contribute to retirement savings as you pay off debt, even if you start small.

March: Secure your finances

• Update beneficiaries. Check and update your beneficiaries on your retirement account and other financial accounts. Do this once a year to keep them current and after life events like getting married or having a child. Otherwise, your financial assets may not go where you want them to.
  
  
• Check credit reports. Each year you can get a free credit report from Experian, Equifax, and TransUnion, the 3 credit-reporting agencies. Request them at annualcreditreport.com. Review your reports to identify and dispute errors, which could help raise your credit score.
  
  
• Review your asset allocation. Check your asset allocation (how your investments are divided among asset types like stocks, bond and cash) to see if it still makes sense for you. It should align with your goals, the amount of risk you want to take and the number of years until you retire. View your retirement plan allocation inside your account. Check all your financial accounts for the full picture. Consider discussing changes with us or your financial planner first.

April: Keep taxes top of mind

• Submit your tax returns. Collect tax documents and file your taxes or request an extension by the April 15 deadline. Seek advice from a tax professional if needed. Keep in mind that if you request an extension, you’ll need to pay the amount you owe by April 15 but will have until October 15 to file your return.
  
  
• Make the most of a tax refund. If you get a refund, consider using it to improve your financial future. You might pay down debt, bolster your emergency savings or put it toward a financial goal.
  
  
• Consider taxes when withdrawing retirement funds. If you’re retired, it’s crucial to factor taxes in when taking money from your retirement accounts. A financial planner or tax advisor can assist you in determining the best withdrawal strategy to minimize your tax liability for next year.

May: Prepare for summer costs

• Plan your vacation budget. Consider costs for summer trips, including weekend getaways. Make sure to include these expenses in your budget. If necessary, cut back on other spending to make room for them or consider enjoying local activities and attractions instead of traveling.
  
  
• Maintain your vehicle(s). Conduct preventive maintenance on your car(s) to avoid expensive repairs later. Have a professional inspect vehicles or do it yourself. Check the brakes, battery, air conditioning, belts, hoses, tire pressure and tread. Refill fluids and replace wiper blades and air filters if needed.
  
  
• To lower your utility bills, perform an energy audit. Utility companies might offer this service or be able to recommend professionals. You can also do it yourself by:
  • Reviewing previous utility bills to identify patterns and areas for improvement
  • Checking for drafts around windows, doors, and other openings, and sealing gaps with caulking or weatherstripping
  • Changing filters in heating and cooling systems and ensuring ductwork is insulated
  • Inspecting insulation in areas like attics to ensure there are no gaps or missing sections
  • Unplugging unused devices and upgrading to energy-efficient models
  • Switching to LED bulbs and using timers or motion sensors
  • Adjusting your water heater to 120°F to decrease energy usage and prevent scalding

June: Conduct a mid-year financial review

• Schedule an annual retirement account review. Take advantage of a complimentary annual review of your retirement account by contacting a plan representative. This review can help you evaluate your investment options and asset allocation, consider consolidating accounts and address any questions you may have.
  
  
• Evaluate your progress. Celebrate if you're on track to meet your financial goals. If not, don't worry. Instead, take proactive steps by adjusting your budget and identifying other actions you can take to make progress throughout the year.
  
  
• Examine your insurance policies. Review your home, auto and other insurance policies to understand your coverage and amounts. Eliminate unnecessary coverage and shop around for the best deals on any additional coverage you need.

July: Organize financial information

• Dispose of old financial documents. Shred or delete digital copies of any you no longer need. This typically includes monthly bills and bank or credit card statements older than a year, unless they are required for tax purposes. Generally, you can also discard tax returns that are more than seven years old.
  
  
• Consolidate essential information. Collect important documents and write down critical information that your loved ones might need in the future. Store these items in a binder or create a digital version. Ensure it is kept secure and inform a trusted person about its location and how to access it.
  
  
• Compile a home inventory. For insurance purposes, document your possessions. You can create a video walkthrough of your home, narrating as you go, or put together a detailed list using a spreadsheet, home inventory app or notebook. Document items by room for easier tracking and include receipts, warranties and appraisals.

August: Focus on education

• Make the most of back-to-school promotions and tax-free weekends. Stores often provide discounts on essential items for students returning to school or college. In some states, there are specific dates when sales tax is waived on certain products like school supplies, clothing, footwear and electronics. Even if you don't have kids or grandkids, you can still take advantage of these discounts for your own purchases.
  
  
• Think about starting a college savings account. A 529 plan is available in most states and allows you to invest money for educational costs for children, grandchildren or even yourself. Many of these plans have low minimums, often between $25 and $50, to get started.
  
  
• Discuss college finances with your teenage children or grandchildren. It's crucial to communicate how much financial support you can provide for their post-secondary education, if any. This can help them make decisions and give them time to plan and save.

September: Handle longer-term financial planning

• Establish an estate plan. An estate plan consists of documents that safeguard you and your loved ones in case of death or incapacitation. It can help protect what’s important to you no matter how much you have. Start by listing your assets and deciding who should inherit them, manage your affairs and care for dependents. You can use online estate planning tools or consult with a lawyer to create your plan.
  
  
• Utilize a health savings account (HSA). If you have a high-deductible health plan, you might qualify to contribute to an HSA, allowing you to save for future medical expenses. If your employer doesn't provide an HSA, you can open one independently. Aim to reach the minimum balance required to invest the funds, giving them the opportunity to grow. To maximize your savings, you might keep the HSA funds invested and cover current medical expenses out of pocket.
  
  
• Check your Social Security statement to see your estimated retirement benefits. Remember, these projections can change as you continue working and contributing to the program. Currently, Social Security can pay full benefits through 2033. (After that, it may only cover about 80% of benefits unless the government intervenes.) You can view your statement at SSA.gov.

October: Prioritize fall financial tasks

• Keep an eye out for your company's open enrollment period. When it opens, review your current benefits and explore other options that might better suit your needs. If you have any questions, contact your benefits or HR department. Make sure to submit your selections by the company's deadline and be aware of costs for the upcoming year.
  
  
• Complete the Free Application for Federal Student Aid (FAFSA). If you have a child planning to attend college next school year, fill out the FAFSA once it becomes available (currently scheduled for October 1). Your child can’t receive federal aid without it. It’s also required by many states and colleges to get financial aid from them, such as scholarships.
  
  
• Stay tuned for the Social Security cost-of-living adjustment (COLA) to be announced in October. The Social Security Administration bases COLA on inflation and announces it this month for the coming year. If you have a mySocialSecurity account, you can also view the notice online starting in December.

November: Get set for the season

• Create a holiday spending plan. Evaluate your budget and determine a spending cap for gifts, travel and entertainment. Be sure to include less obvious costs like food and fuel.
  
  
• Winterize your vehicle(s) to avoid unexpected towing and repair costs. Inspect batteries, brakes, tire pressure and tread, and heating systems including defrosters. Refill fluids, replace windshield wipers and lubricate door locks. Maintain at least a half tank of gas to prevent fuel lines from freezing and ensure you don't run out of gas during delays. Additionally, prepare emergency kits that include food, water, tools, blankets and flashlights.
  
  
• Reduce heating expenses. Consider using a programmable thermostat to help lower your heating costs. Also, make sure you have proper insulation and seal windows and doors.

December: Wrap-up year-end finances

• Reflect on your financial goals. Which ones did you reach and how did doing so improve your finances? If you fell short on any, determine if they’re worth keeping for next year. Also, think about new ones you might want to set.
  
  
• Finalize charitable giving. Make sure to contribute any tax-deductible donations before the year ends if you plan to itemize your taxes, whether it’s money or unwanted items. If you don't itemize, you could also add money to your holiday budget by selling the items instead.
  
  
• If you’re 73 or older, take required minimum distributions (RMDs) by the end of the year. Avoid tax penalties by withdrawing the minimum amounts required from each retirement account. If you have an employer-sponsored retirement plan and are employed at least part-time by that employer, you can defer the RMD from that specific plan. However, you’ll still need to take them from other accounts, such as IRAs.