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MARCH 2024

Your monthly to-do list for financial well-being

Your financial well-being is unique to you. It’s based on how well you’re able to stay on top of your expenses, how secure you feel about your financial future and whether you have the freedom to make financial choices that allow you to enjoy life. 

Breaking these goals down to small, manageable steps can help you take control of your finances. This month-by-month guide organizes these steps to make it easy to take action throughout the year. Bookmark this page so you can refer back and stay on track.

If you need help getting started, get free one-on-one financial coaching from SmartDollar®. Your coach can guide you through each step. 

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March: Get organized

• Create a budget. Use the EveryDollar budget app from SmartDollar® to simplify budgeting and help you track where your money is going.
• Prepare for tax time. Gather last year’s forms and records, and submit your tax return as soon as you’re ready but no later than April 15, 2024.

April: Work on your money management

• Start or fully fund your emergency account. Aim to save $1,000, then build your account to cover three to six months of expenses. Use your tax refund to replenish your account. 
• Automate deposits. Set up recurring contributions to your savings account or investment account.

May: Improve your financial standing 

• Check your credit report. Request this free summary of your credit history from a credit bureau, such as Experian or Equifax, and check for errors.
• Review your debt. Consider following the debt snowball method from SmartDollar.

June: Do a mid-year checkup

• Check your budget. Are you sticking to it? If priorities have shifted, adjust accordingly. 
• Review your investments. The mix of stocks and bonds in your investment funds should match your tolerance for risk and length from retirement.

July: Invest in yourself

• Practice mindful spending. Waiting a pre-set period (such as 30 days) before you buy will help make sure you really want a particular big–ticket item. 
• Educate yourself. Find a podcast, book or blog to learn more about financial topics that interest you.

August: Focus on your or your children’s future 

• Identify and save for your goal. Are you planning to buy a home, travel, or retire at 55? Set money aside each month (automatically through your bank, if possible) to fund your goal. 
• Open a 529 account. These investment accounts can help you save for your child’s college, graduate school or vocational training.

September: Stay safe online

• Protect your passwords. The strongest passwords include upper- and lowercase letters, numbers and symbols, and made-up words that don’t appear in the dictionary. 
• Watch for fraudsters. Don’t open or reply to unsolicited emails asking for financial information, and if the URL looks strange in any way, don’t respond.

October: Give back

• Donate. Costco’s Workplace Giving Campaign starts this month. Every contribution you make supports the local community and is matched by Costco at 60%. Watch for the notification email. 
• Volunteer. Donating your time and energy is just as valuable as giving money. Look to your local food banks, schools, nursing homes, and other community resources for opportunities to volunteer.

November: Understand your options

• Evaluate your insurance. Review your coverage during Annual Enrollment. Get familiar with your voluntary short–term disability options, and your basic life, basic accidental death and dismemberment (AD&D), and long-term disability insurance covered by Costco.
• Update your estate plan. Review and update beneficiary designations. Create or update your will with help from Resources For Living.

December: Prioritize your retirement

• Fund your future. Aim to increase your retirement contribution next year. Costco helps you save for your retirement by automatically increasing your contribution annually.
• Request a Social Security statement. Learn about your future Social Security benefits and current earnings history.

Sources:
T. Rowe Price. Make a fresh start in 2024: your financial checklist for the new year.
Consumer Financial Protection Bureau. Get money smart. 25 tips to improve your financial well-being.

If you’re ready to work on your financial well-being, the following resources can help.