As we approach the third quarter of the year, it’s important to stay on top of your finances and ensure that you’re prepared for the rest of the year.
FOLA is committed to helping our Fam with Financial Organization for Long-term Achievement, so we put together a checklist to help you get organized and stay on track of creating financial success.
In this post, we cover everything from reviewing your budget and financial statements to checking your eligibility for tax credits and deductions. By following this checklist, you can stay on top of your finances and ensure that you’re prepared for the rest of the year.
FOLA’s Q3 Financial Checklist for Financial Success
- Financial Statements Review:
- Assess your current financial goals and ensure they align with your overall objectives.
- Conduct a thorough analysis of your income and expenses for the past quarter. Make any necessary adjustments to stay on track for success. Identify areas where you can cut costs or increase income to improve your financial situation.
- Review your outstanding debts and develop a plan to effectively manage and reduce them. Explore strategies such as debt consolidation, refinancing, or negotiating better terms to alleviate financial burdens.
- Evaluate the adequacy of your emergency fund and prioritize saving to build or replenish it.
- Organize Your Financial Plan:
- Analyze the performance of your investment portfolio. Rebalance your holdings if necessary to align with your risk tolerance and financial goals.
- Review your retirement savings and investment accounts.Assess if you’re on track to meet your retirement goals and consider increasing contributions if possible.
- Review your insurance policies, including health, life, home, business, and auto insurance.
- Ensure you have adequate coverage and consider any adjustments based on changes in your circumstances or financial needs.
- Leverage Tax Planning Strategies:
- Start planning for year-end taxes in advance.Estimate and make regular estimated tax payments to stay ahead of your tax obligations.
- Identify potential deductions or credits and review your withholding allowances.
- Update your W-4 form as needed to ensure accurate withholding.
- Consider tax-efficient strategies to minimize your overall tax liability.
Important Tax Due Dates
September 15th: Estimated Tax Payment Deadline.
September 15th: Extended Individual Income Tax Return Filing Deadline.
September 15th: Extended Business Deadline (Partnerships and S-Corporations).
October 15th: Extended Individual Income Tax Return Filing Deadline (with Second Extension).
- Acquire Financial Education and Development Skills:
- Invest in your financial knowledge and skills.
- Attend workshops, webinars, or courses to enhance your understanding of personal finance, investing, and wealth management.
- Stay informed about emerging trends, innovative strategies, and evolving regulations.
- Continuously upgrade your financial skills to adapt and thrive in changing economic circumstances.
By following this Q3 Financial Checklist for External Financial Success, you’ll be proactive in managing your finances, optimizing your investments, minimizing your tax liability, and expanding your financial knowledge.
Adapt these action items to your specific circumstances and seek professional advice when necessary to achieve your financial goals.