5 Ways to Improve Your Finances in March

Last month, Punxsutawney Phil and his shadow predicted six more weeks of winter. So, you’ll likely have a little more time indoors this month to take care of a few odds and ends before getting out in the much-anticipated spring weather. Here are five ways you can improve your finances in March.  

Finish filing your taxes 

Tax Day is fast approaching — with a little over a month until the deadline to file. You should have received your W2 or 1099 from your employer, so if you haven’t, now is the time to follow up. And if you haven’t scheduled time with a tax preparer yet, make sure you get on their calendar as soon as possible, leaving enough time to prepare for your tax appointment and compile questions for your tax preparer.  

Checking taxes off your list this month will ensure that loose ends will get tied up well before the deadline, so you’re not stuck filing your taxes late. Plus, if you’re owed a refund, you’ll get your money sooner.  

Build a buffer 

Warm weather often creates more opportunity for recreation and travel, and if you’re not prepared for those added expenses, you could overspend. Before temptation strikes, use this month to focus on your savings.  

It’s a good idea to make sure your basic needs will be covered first. Make a plan to plump up your emergency fund, which can cover you during unexpected time off work or protect you against surprise expenses like home repairs or medical events. You may also want to create a system for covering fixed, irregular expenses that aren’t paid on a monthly basis.  

Saving doesn’t necessarily mean saying no to fun spending. As you’re budgeting, be strategic with your savings account and make a plan to save up for them.  

Picture your retirement 

Ever since you began bringing in an income, you’ve likely heard about the importance of saving for your retirement. Have you ever stopped to think about what you’re saving for? Where do you want to live? What do you want to do with your time?  

Taking time to picture your dream retirement can help you focus on how much you’ll need to save as you plan for retirement. A detailed vision of the future can also help you decide where and how often you’re contributing. If you need help making these decisions, a financial advisor can point you in the right direction and put other important factors — like working inflation into your retirement planning — on your radar.   

Gear up for homebuying season 

Home buying season may start as early as this month. So, if you’re looking to buy a home — soon or in the future — there are a few things you can be doing to make sure you’re ready to move when the time comes.  

First, look at your overall financial picture and decide how much you can spend on a house. Understand the true cost of buying a home, accounting for things like taxes and your mortgage rate.  

You’ll also want to save up for a down payment. Knowing the current state of the housing market can also help you make an educated financial decision.  

Make plans to get away 

Budgeting sometimes gets a bad rap. But the reality is that a financial plan shows you how you’re prioritizing your spending in a way that helps you reach your goals. If travel is important, your plan should free you up to spend money on it today.  

If you’ve got kids in school, you’ll likely need to entertain them for a week this month or next. It’s not too late to plan a spring break vacation; in fact, there are many ways you can save when booking last-minute travel.  

If you’re looking a few months out, brainstorm some summer vacation ideas and block off your work calendar. And, since travel prices are a bit high, check out our guide to making your travel dollar go further.