Your June 2014 Financial To-Dos
This post is excerpted from our Ultimate 2013 Financial Calendar.
June has finally arrived—and with it, a whole new brand of fun: No school, Summer Fridays at the office and, if you’re lucky, maybe a vacation or two. But before you head off to Hawaii or even to a backyard barbecue, let’s take some time to check in on your finances.
This month we’ve created goals that focus on your health, career and overall spending habits. Bonus: In honor of our June content theme of Love & Money, we added one task that’ll help you and your partner get on the same page about money.
Ready to get your worry-free summer underway? Stay on track by completing these five simple tasks:
1. Revisit Your Budget. Deadline: Friday, June 6
We’re almost halfway through 2014—so it’s time to check in to see if the budget you set up around New Year’s still fits your lifestyle. If you weren’t realistic back then, tweak your monthly spending and saving goals to be a little more reasonable. On the other hand, if you notice you’ve been going restaurant-crazy or purchasing too many iPhone accessories, figure out exactly where you can cut back.
2. Focus on Your Health. Deadline: Monday, June 9
Maintaining healthy habits doesn’t have to break the bank—in fact, it could prevent much bigger expenditures down the line. If you haven’t already seen your physician this year, schedule an appointment now. And if working out is part of your health regimen, consider asking your HR department if your insurer offers discounts or reimbursements on gym memberships. Keep in mind there are lots of sneaky ways to save money on health and wellness costs—like switching to generic prescriptions and buying frozen fruits and veggies.
3. Pay Taxes If You’re a Freelancer, Small-Business Owner or Self-Employed. Deadline: Sunday, June 15
Freelancers are responsible for paying their estimated taxes every quarter for the previous tax year, so don’t forget that June 15 is your second-quarter deadline. If you don’t file and pay each quarter, the I.R.S will charge you fines and penalties. But the good news is it’s generally easier to pay your taxes in pieces throughout the year as opposed to all at once on April 15. Check out LearnVest’s guide to doing your taxes as a freelancer or contract worker for more info.
4. Promote Yourself at Work. Deadline: Monday, June 23
Take a day to look back and review your performance at work. Are there achievements you’re especially proud of? Did you spearhead a super-successful project? If you feel like you aren’t getting all the recognition you deserve, consider asking for a raise in a way that’s polite but still assertive. Depending on how long you’ve been with your organization, you may also be able to request some work perks, like a flexible schedule or equity in the company.
5. Set a Financial Goal With Your Partner. Deadline: Monday, June 30
You may already know the importance of establishing financial goals for yourself, but it can be equally valuable to set joint goals with your partner. By working together to achieve something you both want, you can help avoid financial feuds. Maybe your dream is to send your kid to the college of her choice, or maybe you’re hoping to buy a house. Whatever the goal, figure out the specific steps that will get you there and assign each person a role in making your plans a reality.