January: Automate Your Security
This means set up automatic transfers from your checking to savings account per your pay period. When you get paid always always always pay yourself FIRST. For starters take advantage of your employers 401K match.
February: Get Ahead of the Game
You should have received all documents necessary—your W-2, 1098 (if you have a mortgage), and 1099s—to complete your 2010 taxes. You've still got two months, but handling this task early has major benefits. If you're surprised by a tax bill, you have time to figure out a payment strategy. If you're entitled to a refund, you will receive it that much sooner.
March: Do Some Spring Cleaning
Make time to toss any outdated paperwork. You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years. Anything from before 2007 should get shredded.
April: Take Stock
For long-term savings goals, stocks have the potential to generate inflation-beating gains. But we're all a bit queasy about stocks these days. Focus your stock investments on those that pay dividends—payments a company makes to its shareholders.A great idea is getting a group of like-minded pals together to join an Investment group. Each month you can meet to present a financial topic, have a guest speaker and discuss the current market as to what you should invest in. I used to be a member of an investment group with my girlfriends and we used ShareBuilder for our portfolio.
May: Hit a Home Run
This is the start of house-buying season, but since most of us stay put in any given year, let's focus on you current mortgage holders—starting with your homeowner's insurance. If rebuilding costs in your area have fallen in recent years, you could be overinsured. Confirm that you have an extended replacement policy, which pays a set percentage over the dollar value of your coverage. And switch to a higher deductible (at least $1,000 or so), which will lower your premium. Cover any expenses that amount to less than $1,000 with your emergency savings fund. Finally, check your property tax base. If your current property tax bill is based on an old valuation of your home, contact your local tax assessor—you may be paying too much.
June: Gift Smart
Make a budget for all those baby shower, wedding, engagement party and graduation gifts coming round the corner.
July: Have the Talk
Take time to talk to your parents about their financial well-being. First, confirm that they have the key estate documents: a will, a revocable living trust, and durable power of attorney for both healthcare and financial matters. Have they reviewed their beneficiaries recently? If not, they should do so now. Next, look into long-term care insurance at www.LongTermCare.gov. Finally, help them formulate an advance directive—a document that spells out the medical care an individual wants in the event he or she becomes physically unable to communicate. It may be a difficult conversation to have, but it lets your parents know that if the time comes, you'll make sure their exact wishes are followed. That's a great way to honor what they mean to you.
August: Teach Your Children a Lesson
his school year, think about instituting new money rules for you and your kids. I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores—it's a great way to impart the value of money to your children.
Timely Tip: If you need a new car, August is the time to shop—dealers are eager to make room for next year's models. I bought mine in August of 2004 ;0)September: Check, Please!
Have you checked your credit report in the past year? Didn't think so. Visit AnnualCreditReport.com, where you can access your reports on file at the big-three credit bureaus—for free. If you anticipate taking out a loan in the next six months or may be job hunting, or if your credit report turns up any mistakes, you should also obtain your FICO credit score ($16; MyFICO.com.)
October: Brace for Life's Trick
Parents of young children must have life insurance and a will in place—it's non-negotiable. For most families, term life insurance is the easiest and least expensive solution. Go to SelectQuote.com or AccuQuote.com to make sure you're looking out for your family's best interests if the worst should happen.
November: Bag the Best Benefits
Fall is typically open-enrollment period at work, when you can make changes to your benefits package for the coming year. If you learn that your health insurance rates will increase in 2012, check whether your company offers a high-deductible plan that's paired with a health savings account. If you're in good health, this can be a great way to reduce your premium costs by agreeing to pay a higher deductible (minimum of $1,200 for individuals and $2,400 for families). You can then invest in an HSA, which allows your tax-deductible contributions to be used for medical expenses, including the deductible. Your unused HSA balance can be rolled over and used in subsequent years.
December: Pay in Cash
Financially speaking, December can be rough: Gift giving, holiday parties, and vacations all take their toll. My advice? Stash your credit cards and live within your means all 31 days of this month. Avoiding that nasty January credit card bill that you can't pay off is the surest way to start 2012 on the right financial foot.
http://www.oprah.com/contributor/suze-orman
