A financial calendar is a solid budgeting tool. It can help you keep track of important and unavoidable spending you will have to do throughout the year, such as paying your taxes. It can help you set aside funds for periods where you are likely to spend more, such as summer travel or holiday shopping. And it can give you a sense of when you won’t be spending as much and might be able to set aside more savings, such as in an emergency fund or a retirement account.
Having a comprehensive personal finance calendar is also a preventive measure. In addition to letting you keep track of the days when you might be able to save money, its most crucial function is preventing you from spending more than you have to. For example, you probably don’t love to pay your taxes. But doing so on time saves you from a late payment or late filing fee.
What to Expect in 2023
The dates that will likely be of most significant interest to the average financial planner are the deadlines for filing taxes. In addition to Tax Day on April 18, there are several other deadlines throughout the year that may apply to you, depending on your personal circumstances.
There are also changes to programs, including Social Security and retirement accounts that took effect at the beginning of the year. These changes may affect how much you can save toward your nest egg or what kind of budget you’ll be working with during retirement.
Other dates worth looking out for are the “market movers.” These are events that can have a significant impact on the stock market, positive or negative. These are worth noting if you plan to buy or sell stock.
Two of the biggest (and the easiest) market movers to plan for are the releases of the Employment Situation report and the Federal Open Market Committee (FOMC) meetings. The former refers to a monthly publication of statistics about the U.S. labor market, with the increase or decrease in employment and unemployment being of particular interest to investors. The latter refers to the eight currently scheduled FOMC meetings in 2023 when the committee will determine what, if any, near-term changes to U.S. monetary policy are necessary.
Annual holidays and other major life events may also need to be considered in your personal financial plan. Some events won’t set you back too much—though they are no less worth budgeting for—but others can be quite expensive. It’s also worth taking note of big sale dates, such as Black Friday.
Most bank and stock market holidays coincide with national holidays. Hence, investors have another reason to keep an eye out for them, even if they don’t celebrate the holidays in question.
- A personal finance calendar can help you budget for big expenditures, such as paying taxes or holiday shopping.
- For most people, Tax Day will fall on April 18. However, there are several additional tax deadlines throughout the year that may apply to you, especially if you are a victim of a natural disaster, self-employed or own a business.
- Market-moving events to keep an eye on including the releases of the monthly Employment Situation report and the Federal Open Market Committee (FOMC) meetings.Board of Governors of the Federal Reserve System. “Federal Open Market Committee.”
- Some seasons are better than others for buying or selling a home, taking a vacation, or making a major purchase.
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