budget

3 Things To Do In March For Financial Health

Welcome to March! As we get closer to the spring equinox, we can’t help but feel the freshness and the energy of “new starts”. While this may be the beginning of the next season, this is also the season for completion, specifically, the completion of major financial obligations, such as tax filing. For the month of March, here are three things you can do to ensure and promote your financial health.

  • Review your budget and see how you’re doing. If you set up a budget for the year, this is a good time to look at how you’re doing and make adjustments. I’ve found it’s best to look at the previous quarter objectively: don’t beat yourself up over financial missteps, just commit to doing better in the future, and move on. Looking at your numbers at this point is also good if you have a tax year that differs from the standard calendar (January to December). Fiscal year filers may find it useful to see what’s happening in March, as this is often their mid-year point, and as such, a good time to make big changes to ensure that they finish strong.
  • File Forms 1120S and 1065, as well as applicable Schedule Ks. This is the time to file tax returns for partnerships and S-corps (unless you’re on a different tax year schedule). Schedule Ks should also be filed at this point. If this doesn’t apply to you, then start gathering the financial documents needed to file your tax returns (especially if you file a 1040). Review those documents and make sure that the information that has been reported is correct.
  • Update your beneficiaries on insurance policies and retirement accounts. While you’re in the process of reviewing and reconciling, it may be a good idea to review all of your insurance policies and retirement accounts. Make sure that the correct beneficiaries are listed, and take time to read through the benefits available under each policy. It’s worthwhile to check these regularly, and confirm whether your comprehension is still clear and accurate.

That’s all for March. Do you have any financial moves you’re making this month? I’d love to hear all about it!

Keeping Track Of The Good Stuff

After a few weeks of keeping tabs on the highly misinformed conversations surrounding the Inflation Reduction Act of 2022 (IRA 2022), I decided that I needed something lighter, but still beneficial, to discuss over here. Now, if something big comes up with IRA 2022 that I need to discuss, then of course I’ll share it (staying informed about tax legislation is what I love to do). But for today, we’re taking a break and doing something refreshing.

Many times, as we talk about finance, money, budgets, and the like, most of the conversation centers around the tasks needed to create more cash and less stress. Conversations about money almost always come from a place of restriction, instead of abundance. Most of us to taught to focus on what we eliminate, and how much we hold on to, to measure our success with our budgets and our financial freedom journeys.

But what if, instead of only focusing on what stays in our grasps, we focus on what flows in with ease? What if we counted the non-monetary “wins” alongside the others, like when someone gives us priceless information, or when find the perfect parking space, or when the store is fully stocked with everything that you want and need to buy?

What if we kept a log of all of the good stuff that happens each day?

Well, let me tell you all: I’ve done this very exercise as part of my work with my business and lifestyle coach. And this approach has really opened the floodgates of abundance into my life.

The more we realize that everything is interconnected, the more we can see and believe that small, positive changes in one area absolutely creates positive changes (small and large) in other areas of our lives. Nothing exists in a bubble, and calibrating our minds and lifestyles for goodness creates fertile soil for welcoming even more of the things we want (like more money coming in an enjoyable way, more time to do the things we love, etc.,).

So, for a week, try keeping a Goodness Log. Write down every good thing that happens to you – whether it connects directly to money or not – and see how you feel at the end of the week when you review it. It does wonders for shifting your mindset and opening you up to more possibilities, better emotions and, yes, more abundance. I will keep a log this week, too, and share my results in a future post!