Now’s the time to plan your year financially. Take the time to set up a budget, and track how much money is coming in and going out. Each month this year, resolve to do a couple of these suggested tasks to keep on top of your finances.
January
■ Set up your budget using a free worksheet at Financialfitness.org.
■ Have your high school seniors finish college scholarship applications.
■ Enroll in Kentucky Saves at Kentuckysaves.org, and receive monthly newsletters and other valuable information.
February
■ Your 2011 W-2 and 1099 tax forms will be sent by Jan. 31. Start a file to compile them and all your other records and receipts for tax purposes.
■ America Saves week is Feb. 19-26. Go to Americasaves.org for resources.
■ Kentucky students in grades 6-8 can participate in the Kentucky Saves Week poster contest. A student from each grade will receive a $50 U.S. savings bond. Learn more at Jumpstart.org/states-kentucky.
March
■ Take the 5 percent challenge at Feedthepig.org and learn about saving.
■ Obtain the Free Application for Federal Student Aid for 2012 from your high school counselor or go to FAFSA.ed.gov.
April
■ Go to Annualcreditreport.com and receive free credit reports from Experian, Equifax and TransUnion. You’re entitled by law to review them for free once every 12 months. Reviewing your credit report regularly is an effective way to detect identity theft.
■ Your federal income tax return is due this year on April 17. Go to IRS.gov for forms and online filing information. April 17 also is the last day to establish or contribute to an Individual Retirement Account in 2011 and file partnership returns.
■ At Wal-Mart, free preparation of simple tax forms will be available at more than 3,000 stores nationwide.
May
■ Take the time to deter identity theft by cleaning out your wallet or purse and limiting the amount of confidential information inside.
■ Make copies of the front and back of all credit cards. This will help you to report a loss or request a new card.
June
■ Look for ways to save money by making your home more energy-efficient. Walk around your house and make sure your window caulking is fine and everything is in good shape.
■ Sign up for Kentucky Utilities’ Demand Conservation program. The utility will install a free device on your central air conditioner, heat pump or electric water heater that allows them to be controlled and run at non-peak times. In return, the utility will credit your bill $5 monthly from June to September for each air conditioning unit.
July
■ Check up on your insurance coverage: health, life, property, auto and others.
■ Take a 10-day Take Control boot camp at Learnvest.com.
August
■ Fill out a personal checklist of important documents compiled by the Kentucky Cooperative Extension Service and Virginia Cooperative Extension.
■ Go to IRS.gov to learn whether your business can deduct the costs of a safety deposit box for important documents.
September
■ Labor Day was established to honor American workers. Reward your hard work by planning for your retirement.
■ Consider an education savings account to help pay for your child’s higher education.
October
■ Improve your fuel efficiency by slowing down, performing regular maintenance repairs, carpooling, inflating your tires properly and cutting back on air conditioning.
■ Go green by investing in reusable products, including batteries and bags.
November
■ Review your pre-tax flexible spending accounts against your actual expenses and increase or decrease withholdings for 2013.
■ Look for ways to reduce prescription costs. Meijer pharmacies offer Amoxicillin, Cephalexin, SMZ-TMP, Ciprofloxacin, Ampicillin and Penicillin VK for free with a doctor’s prescription.
December
It’s now the last month of the year. How did you do?
