The first few months of a brand new year are good for more than just planning a new workout routine or revamping your diet. They’re also the ideal time to take your personal finance planning game up a couple of notches.
But smart financial planning is about a lot more than working on your savings or tightening up your budget. It also means embracing proactivity when it comes to long-term financial growth and wealth management. Creating a thorough personal finance calendar can help. Let’s take a look at how to put together an effective one for 2025 and beyond, one quarter at a time.
Quarter 1: Planning and Taxes
The first quarter of a new year is the perfect time to start mapping out a larger financial plan for your year. It’s also the ideal time to tackle tax preparation, as tax time will be here before you know it.
Building your financial blueprint
The earlier you sit down and start setting your financial goals for the year ahead, the better. Consider setting clear, achievable goals that fit into both of the following categories:
- Short-term goals: What would you like to accomplish financially within the year? Starting an emergency fund or saving toward your next vacation are good examples.
- Long-term goals: Be sure to also consider how you can work toward key long-term goals, as well. For instance, now is a great time to start investing or planning to buy a home.
Tax preparation and planning
Prepping for taxes sooner rather than later can save you a lot of stress later on. It also makes it easier to save as much as possible. Here are some steps to add to your tax prep to-do list:
- Gather and organize all the forms you’ll need (e.g. investment statements and W-2 forms).
- Take care of any last-minute contributions to tax-advantaged accounts like 401(k)s, IRAs, etc.
- Research and pinpoint any available credits or tax breaks that might apply to you, such as child tax credits.
Add important tax deadlines to your personal finance calendar, as well. April 15, 2025, is Tax Day proper, but if most of your income comes from investing or self-employment, you’ll need to submit estimated taxes due by January 15th.
Quarter 2: Life Events
Next, it’s time to start taking steps to plan for major life events coming up. This means something different for everyone, of course.
Saving for significant life events
What’s next on your agenda as far as major milestones to conquer? Are you planning on getting married or starting a family soon? Maybe you’ll be buying a vehicle or starting a college fund for your child.
Start planning for milestones like these as soon as you can. Work on your credit, compare interest rates, and add to your savings to plan for a new house or car. Consider starting a college fund for your children early to maximize growth over time.
Evaluating insurance needs
Don’t overlook life insurance as a key part of any long-term approach to personal finance planning. Life has a way of throwing curve balls when you least expect them, and life insurance can make a massive difference for your family should the worst ever happen.
Consider the following options this year, especially if you have any major life events or investments coming up:
- Term life insurance delivers affordable, approachable coverage over a specified period.
- Permanent life insurance covers the policyholder for life with the potential for cash accumulation.
Consider talking to a financial planner to determine which of these is right for you.
Quarter 3: Required Distributions and Retirement
It’s never too early to start thinking about retirement, even if it’s still in the distant future. That future will be here before you know it, and you’ll be glad you started prepping early.
Planning for sustainable withdrawals
If you’re already retired or will be soon, the third quarter of 2025 is a good time to revisit how you’ll manage your money over time. Understanding required minimum distributions (RMDs) is a major part of this, so make sure you’re well-versed.
Once you’re 73, you’ll be required by the IRS to begin withdrawals from IRAs, 401(k) accounts, and any other tax-deferred accounts you may have. You’ll be taxed on these withdrawals, so it’s important to plan thoroughly to get as much out of your money as possible.
Quarter 4: Charitable Planning and Gifting
With the holidays right around the corner, it’s only natural to start thinking of others in the fourth quarter of a year.
Discussing legacy planning with family
Personal finance planning toward the end of the year often intersects with important conversations about estate planning and legacy options.
If you’re not already having honest, open conversations with your family about what you’d like done with your assets once you’re gone, this is the perfect time to get started. It’s the best way to avoid confusion, resentment, and other snags when the time comes for assets to change hands.
Strategic charitable giving
This is also the time to start thinking about end-of-year charitable giving. Take the time to choose wisely when it comes to the organizations you contribute to. Research your options to make sure you understand how your contributions will be applied. Consider leveraging donor-advised funds as a way to manage recurring contributions into the future.
Be aware that charitable contributions to qualifying causes come with tax benefits, as well. You can maximize those benefits even further by donating real estate, stocks, and other types of appreciated assets.
Empowering Your Financial Future in 2025
Keep in mind that lasting wealth management and smart personal finance planning are ongoing journeys, not one-time destinations. Using a personal financial calendar to strategize your goals and make steady, measurable progress toward them throughout the year can help you get started in the right direction.
So can seeking personalized professional services like the ones we offer at MyStages®. Ready to take the next step toward the bright financial future you’ve been dreaming about? Contact MyStages® today to schedule a consultation.
