How to Make a February Personal Finance Calendar

Managing your personal finances is an ongoing process that requires discipline. Most people are successful at making sure the bills get paid and often saving a little on a regular basis. However, managing your finances effectively is more than just handling the daily or monthly tasks. Here is a monthly calendar for February that can serve as a guide to addressing some of these other issues. 

February Financial To-Do’s

Get organized for filing your tax return.

• Employers usually provide W-2 forms in late January. 1099 forms from banks, credit unions, brokerage firms, and mutual funds usually arrive by early February.
• Gather other information such as charitable contribution receipts, tax receipts and documents you may need.
• If you prepare your own tax returns with software, the current version is probably available. Be sure to check for updates once you buy the program and before you prepare your return.

Be sure your financial information is organized.

• There can be a lot of paperwork with your finances. Having an organized system can save time and reduce the stress of not being able to find something when you need it.
• Tax information should be kept for three years from the due date of the tax return where the information is reported. After the three-year period, most supporting information can be thrown out. You should probably keep copies of your actual tax returns forever.
• Many other documents should only be kept as long as they are needed. Insurance policies should be kept as long as the policy is in effect or until a claim can no longer be filed. Loan documents can be tossed after the loan is paid off. Deeds and real estate information should be kept for as long as you own the property.
• Many people use file folders in a drawer or storage bin to keep financial papers.
• Consider using the Family Records Almanac to record and store important financial and family records and information.

The suggestions on this calendar may not match your personal financial schedule. However, it can serve as a reminder to make sure you address important issues.

If you’re interested in speaking to someone at a Sunflower Bank or First National 1870 location near you to discuss your personal finances, visit our Branch Locator page or Wealth Management Team page, to find the right financial partner to address your financial needs.

This article contains general information only. Sunflower Bank and First National 1870 are not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.