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Tax day is fast approaching, but there’s more to your financial to-do list this month. Be sure to assess your investments and use up your FSA funds while you’re at it.
These tasks won’t take long to complete, but it’s important to set aside some time this month to give your finances the attention they need—especially if it’s been a while. Here are a few more things to think about, and why setting a financial goal is essential.
Here’s what to prioritize this March.
Review Your Investments
With all the market fluctuations, now’s the perfect time to reassess your risk tolerance. If you’re concerned about the departure of Gary Cohn, President Donald Trump’s former economic advisor, take a moment to calm down. The stock market isn’t driven by one person. Stick to your long-term strategy, and if you’re considering making a move, think about buying the dip.
Two other areas under your control: Increasing your savings and rebalancing your portfolio. For more details, check out this post:
Use Up Your FSA Funds
If you carried over any FSA funds from 2017, you have until March 15 to spend them. This might mean squeezing in a last-minute eye exam or using the funds for any out-of-pocket expenses you’ve incurred.
There’s a wide variety of things you can spend your FSA funds on, some of which may surprise you, like acupuncture and therapy sessions. You can find more information on FSAStore.com and in this post:
Prepare Your Taxes
If you haven’t filed your tax returns yet, now’s the time to take action. You don’t want to risk falling victim to scams or delaying a refund that could be better spent paying off debt or investing. Here’s what you need to know about cryptocurrencies and taxes and here are some other ways you might want to use your refund.
Consider These Questions
Do you know the fees associated with your 401(k)? What’s your current credit card balance? What financial goals do you have for this year? Take a moment to review your finances in a broader sense. You don’t need to have all the answers, but reflecting on them will give you better control over your financial health.
Open a New Online Savings Account or Boost Your Savings
The Fed is expected to raise interest rates again, which means your online savings account rate could improve. Check out Ally, Bank of the Internet, or the newcomer Marcus by Goldman Sachs, which NerdWallet suggests. Be sure to review the fees, ATM networks, and minimum deposit requirements before you commit.
Monitor Your Progress Towards Your Financial Goals
If you set a financial goal for 2018, now is a great time to evaluate how far you’ve come. While it’s still early in the year, checking your progress now can help you get back on track before the middle of the year rolls around, especially if you find you’re not advancing as much as you thought.
One savings goal you may not have considered but should think about: If you plan to travel this summer, begin saving now and start scouting for budget-friendly travel options.
If you’re not where you want to be financially, it’s never too late to get started. And if you’re on the right path, congratulations—keep it up.
