A Quarter by Quarter Plan for Financial Wellbeing: Q2 April - June
If you are an organized person (or if you aspire to be more organized), you may be wondering what you can do each quarter to increase your financial wellbeing and confidence when it comes to money.
First, these things should stay constant in a given year:
A financial advisor should give you a realistic financial plan to use as a framework.
You should be able to call or meet with your advisor anytime you have a question about money, updating your plan if needed.
An experienced advisor can build one or several scenarios using financial modeling software to help you understand the pros and cons of different financial decisions.
Beyond these fundamentals, here are a few things you can do in Q2 to help you feel more in control of your financial situation:
2nd Quarter: January - March
Once your taxes are filed, share your return and your accountant’s recommendations with your advisor. It’s also important to revisit the goals you outlined at the beginning of the year to make sure you’re on track. Remember to plan for some fun in the months ahead, too!
Review your tax return
Meet after taxes are filed to plan for refunds or future quarterly payments
Adjust your W-4 holdings and review quarterly tax payments, especially if you’re self-employed. Your advisor can help you do this and incorporate into your budget.
Plan for college including maximizing 529 contributions, discussing financial aid packages, and education tax credits
Review your goals and how far you’ve come
Revisit the goals you outlined in Q1, discuss where you are vs. the plan, and make any necessary changes
Confirm that available cash vs. investments align
Is a real estate move in your future? Explore lines of credit with your advisor and lenders or discuss what to do with the proceeds of a sale. Refinancing may also be an option depending on the current rates.
Don’t forget to plan for fun
Discuss your plans for summer or end of year vacations with your advisor. You might be able to spend more than you think!
If you or a member of your family is getting married, talk through your plans with your professional.
Want to enjoy the warmer weather? If you’re considering purchasing a boat, convertible, vacation home, or other “toys” your advisor can help you explore your options including how much to pay in cash vs. financing.
Click here to learn what you might want to consider for Q3 in July - September
Or if you’d like to get the perspective of a CERTIFIED FINANCIAL PLANNER® Professional, click this link to book a 15-minute call with our advisor Brian Sullivan.
Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
