Timeframe For Personal Finance Activities

Posted by Mike Smith :: September 17, 2008 @ 9:14 am

Trying to manage all aspects of our personal finances can seem overwhelming at times. To help bound the frequency of some relevant events I listed how often I perform each of the following personal finance activities:

Daily

• Enter receipts into my budget software
• Check my investment positions
• Shred envelopes with my name and address
• Write for the Lending Club blog
• Go to work to earn my income

Weekly

• Contribute to my 401(K)
• Pay upcoming bills
• Read personal finance articles
• Discuss our finances with my wife
• Track progress towards my short-term goals

Monthly

• Analyze my spending and review my budget
• Contribute to my children’s 529 Plans
• Pay off my credit card in full
• Prepay my mortgage
• Make regular investments
• Read two personal finance books
• Reconcile my bank and credit accounts
• Transfer savings to a high-yield account

Quarterly

• Review my tax withholding and make estimated tax payments
• Calculate my net worth
• Track progress towards my long-term goals

Yearly

• Rebalance my investments
• Thoroughly review my budget
• Increase the amount I save, donate, and invest
• Compare insurance rates
• Review my estate plan

Your timeframe and activities are probably slightly different from those in my list. Since I get paid weekly, for example, that’s how often my 401(k) contributions are made. I have probably omitted others, such as filing my tax return, which is obviously done on a yearly basis. Creating a list of your own can serve as a reminder of when to perform certain tasks and help you to take control of a situation that otherwise may seem too burdensome to handle.