Lead Your Family to a Stronger Financial Future! 

Your household is like a small business in many ways. The first quarter of the year—January, February and March—is a great time to close out the previous year, assess your family’s financial health, and plan for upcoming milestones, just like a business. Be the Chief Financial Officer of your Household, Inc., and follow these three steps for a productive year.

1. Prepare and File Your Taxes

Resist the urge to procrastinate in preparing and filing your taxes. April 15^th will be here before you know it! In case you need extra motivation, filing your taxes early can also help prevent tax-related identity theft!

Organize your receipts, gather your W2s, 1099s and all other tax documentation and visit MilTax for FREE tax preparation and filing software. You can also connect with a military tax consultant 24/7 at 1 (800) 342-9647.

2. Assess Your Family’s Financial Health

You should give your finances a thorough review while you have all your documents out. Go online and access your bank and investment statements, as well as insurance policies and your spending plan and ask yourself the following questions.

• Would you have enough money to cover an unexpected expense, like an auto or appliance repair? Experts recommend having an emergency savings account to cover three to six months of living expenses.
• Have you recently experienced a major life change, like marriage or the birth of a child? Now’s a great time to review and update the beneficiaries on your financial accounts.
• Is your family adequately protected against loss? Make time to understand and evaluate your insurance
• When was the last time you really studied your household spending plan? Are there expenses you could reduce or cut altogether (ahem, old subscriptions) to find more money to save toward your goals?
• Are you on track to reach your retirement savings goals this year? Check on your investments.
• How long has it been since you checked your credit report for accuracy? Visit it annualcreditreport.com to request your FREE credit report. Here’s a link to other credit report resources.

3. Plan for Milestones & Transitions

Think ahead to the rest of this year. Is your family expecting a new child, preparing for a permanent change of station (PCS) or deployment or getting ready to transition out of the military? These events are all examples of major life milestones and require careful planning, especially when it comes to your finances. Visit MilLife Milestones for financial checklists, resources and tips to help you prepare your finances for the big moments in life.

Running your household like a small business is a great way to evaluate last year and plan for the next. Use the first quarter to close out the previous year (prepare and file your taxes), assess the overall health of your current financial situation and plan for any upcoming changes. Use these resources to help lead your family to a stronger financial future!

MilSpouse Money Mission^® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!

Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.