Start a financial self-care routine

Monthly Tasks

Monthly financial tasks are essential for maintaining financial discipline and avoiding missteps. Marielle Segarra emphasizes the importance of paying bills on time and suggests setting them to auto-pay to prevent late fees 1. Keeping a buffer of 10% to 25% of monthly expenses in your checking account can help avoid overdrafts, according to Brent Weiss. Regularly reviewing your accounts for fraudulent charges is also crucial 1.

Give yourself the lollipop or get a bottle of wine or whatever it is. Drink some tea, whatever your choice is, do a little celebration. Make it fun, because no one else is usually going to celebrate your success except for you.

--- Unknown

Additionally, Segarra advises checking in on career goals and maintaining a 'brag bank' to document professional achievements, which can be useful during annual reviews 1.

   

Annual Checkups

Annual financial checkups are vital for evaluating progress and updating financial plans. Segarra recommends setting financial goals annually and aligning them with other yearly tasks like taxes and insurance reviews 2. It's important to review health insurance plans during open enrollment and ensure retirement plan contributions and beneficiaries are up to date 2.

Right now, some banks are offering between four and 5% interest. When you pick one, just make sure that your money is insured by the federal government.

--- Marielle Segarra

Checking investment accounts, such as 401Ks or Roth IRAs, for their rate of return is another key annual task 2. Brent Weiss advises against letting last year's benefits roll over without review, as there may be updates or new benefits available 2.