12 Financial Tasks for Every Month of the Year
Know how you can manage your finances every month of the year. Spend your money wisely!
Companies need to file their income tax returns in March or April every year and pay employees with their 13th-month compensation in December of the year.
These are just a couple of examples of the monthly financial tasks that businesses need to comply with as part of law. When it comes to your personal finance, you can follow a similar strategy of setting financial goals every month.
This makes sense, especially if you are receiving a monthly income from your employment or business, making goal setting a simultaneous activity that you should do as money flows into your bank account.
Here are some benefits of setting monthly financial goals:
- It gives you a good head start in organizing your finances. Just like how a New Year’s resolution works, the main rationale here is to do or achieve something better than what you have accomplished in the previous year.
Although you could choose any month of the year to work on your financial status, January is usually the best time to assess your current situation and make plans for the coming months.
- It keeps you on track. When setting goals, you want to have better chances of accomplishing them. Following a monthly schedule in organizing your finances makes things easier because it gives you a definite timeframe to work on. You’re compelled to focus on a goal at hand, knowing that you have a new objective to accomplish in the next 30 or 31 days.
- It teaches you how to prioritize. It can be frustrating when you feel like you’re not making progress in your financial journey, but you can get out of this cycle if you know your priorities.
For example, it may be harder to build a savings fund until you steer clear of your personal loans. By paying off your loans first, you won’t need to dip into your savings fund whenever you run out of money for loan payments.
As such, it may be a good idea to set a deadline for resolving your outstanding financial obligations within the first quarter of the year. You can set aside some of your year-end bonus and holiday cash gifts to add more funds for debt repayment. By the second quarter of the year, hopefully, you are ready to work on your savings goals on a clean slate.
No matter what your financial situation is, it’s never too late to aim and attain something better as long as you have the right strategy. Here are 12 financial tasks you can work on for every month of the year, as laid out in the following infographic. You may follow them to the dot or make certain adjustments—whichever works for you.