When’s the last time you focused on your financial wellness? Most everyone has a basic understanding of their financial situation, but when it comes to bettering it, the steps can sometimes seem overwhelming. The path toward financial success doesn’t have to consist of leaps and substantial changes.
Each week of 2024, we’ll share one simple task on our radio show, Rethink Your Money™, that you can do to improve your finance — and then we’ll add it to this list. By the time 2025 rolls around, you’ll have made 52 small adjustments to improve your financial well-being and be equipped with best practices for the future.
Let’s make 2024 the year of setting the stage for living your best financial life.
December 7
Check your FSA plan rules before year-end.
Many flexible spending accounts (FSAs) have a use-it-or-lose-it policy, meaning any unused funds may be forfeited at year-end. At a minimum, make sure to check your balance expiry, learn about any carryforward options you may have, submit any pending claims before the deadline and spend strategically using any remaining funds in your account before they’re lost.
Episode: Should You Consider Family Office Services?
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Great Tax-Advantaged Accounts to Consider
November 30
Do a progress check on all past One Simple Tasks.
This week, go back through all of this year’s simple tasks. Which ones have you completed? Have they been helpful? Are there any you didn’t complete that you can get to this week or next? If you’ve missed more than a few, consider doing a couple per week in order to finish everything by the end of the year.
Episode: A Highlight Reel of Our Favorite Financial Insights
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The Advantages of Personal Financial Planning
November 23
Have a financially oriented conversation at your holiday gathering.
We’re not suggesting that you bring spreadsheets to the dinner table or start interrogating your cousin about their investment choices. We want you to use this opportunity to learn and spark ideas. Six ideas to keep the conversation positive include celebrating wins, discussing gifting, sharing lessons learned, exploring resources, asking for advice and expressing gratitude.
Episode: The Financial Impact of Gratitude: An Interview With Creative Planning CEO Peter Mallouk
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November 16
Talk to your financial advisor about your estate plan.
Estate plans are like the smoke detectors of your financial house. You don’t think about them much, but when you need them they’d better be working! And estate plans aren’t just for the ultra-wealthy — they’re for anyone who wants to make sure their wishes are honored and their loved ones are taken care of. At a minimum, make sure your beneficiaries are up to date, review your will and trust (if you have them) and consider your digital assets.
Episode: Year-End Estate Planning Essentials
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November 9
Take a break from social media.
Want to dislike a lot of people you otherwise mostly like? Follow them on social media the week following an election. Taking a break from social media can improve your mental health, increase your productivity, boost your overall mood, enhance your real-life connections and lead to better sleep. Start by taking a day or two off and see how you feel.
Episode: Financial Strategies for Veterans and Their Families
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The Media Has a Fiduciary Responsibility, But It’s Not to You
November 2
Get out and vote!
Decisions that come out of elections, whether local, state or federal, can impact tax laws, education funding, health insurance policies and even your 401k returns in ways you wouldn’t expect. Voting in a democracy is a blessing that we shouldn’t take lightly, and it’s one small way in which you can take an active role in your financial future.
Episode: Deciphering Private and Public Markets
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4 Questions to Ask Your Advisor at Your Next Review Meeting
October 26
Calculate your effective tax rate.
Your effective tax rate is essentially the percentage of your income that you pay in taxes. It’s calculated by taking your total taxes paid and dividing it by your total income (e.g., if you paid $20,000 in federal income taxes and had an income of $100,000, then your effective federal income tax rate would be 20%). This is different than your marginal tax rate, which is the rate you pay on your last dollar of income earned (this is the rate listed in tax bracket tables).
Episode: 2024: A Pivotal Year for Taxes
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How Tax-Efficient Is Your Portfolio?
4 Questions to Ask Your Advisor at Your Next Review Meeting
October 19
Define your solo max spending limit.
Decide the dollar amount at which you need to stop and discuss a purchase with someone else before moving forward. If you’re married, you’re of course going to talk with your spouse. But even if you’re single, it could be a great idea to have an accountability partner you can run things by when making large spending decisions. Perhaps counterintuitively, this practice is actually more important the more financial flexibility you have.
Episode: Protect Your Finances From the Unexpected, Plus Business Planning Tips for 2025
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Where to Direct Your Excess Income
October 12
Create a holiday budget.
If you’re like most people, it’s easy to get caught up in the spending whirlwind of the holiday season. But before you start thinking about Black Friday sales, you’ll want to sit down and make a game plan. Create a holiday budget that doesn’t require you to put money on a credit card or take on consumer debt. Instead, determine how much you’re going to spend for the holidays now — then stick to it.
Episode: Practical Year-End Planning Tips for Every Income Level
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5 Ways to Keep Holiday Spending Under Control
October 5
Write down a goal you want to accomplish by year-end.
There are fewer than 90 days left this year, so let’s make them count. Make sure your goal is specific and realistic. Don’t say, “Well, I want to save more.” Define it. Also, break your goal down into actionable steps. If your goal is to save $1,000 by the end of the year, figure out how much you’ll need to save each week (it’s about $75). And, finally, write your goal down and put it where you can see it. Seeing your goal over and over can help keep you on track.
Episode: Stick to the Basics: Year-End Investment Strategies
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September 28
Start thinking about how you’ll organize your tax documents.
A little organization now can help you avoid a whole lot of panic and aggravation come April. Choose a dedicated space to work in, gather your documents early and set calendar reminders as needed. You’ll also want to consider scanning any paper documents and storing them digitally. Just make sure everything is in a secure, password-protected folder, because your tax return information is sensitive and many documents have your full Social Security number on them.
Episode: Year-End Tax Planning but With a View
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The Life-Changing Magic of Organizing Your Finances
September 21
Get a second opinion.
We can benefit from a second set of eyes in most areas of our lives, particularly from someone with relevant experience whom we respect. The same is true with your money. Go find a CERTIFIED FINANCIAL PLANNER™ professional and have them look at what you’re doing. You’ve worked hard to build your wealth; make sure you have someone experience and trustworthy on your side to help you grow and protect it.
Episode: Critical Year-End Planning Insights
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The Advantages of Personal Financial Planning
Don’t Wait Until Year End to Monitor Your Progress
September 14
Freeze your credit.
If you’re not planning any big purchases soon (such as buying a home, financing a car or opening a new credit card), there’s little reason to leave your credit open. Freezing your credit is one of the most effective ways to protect yourself from identity theft and credit fraud, because it prevents criminals from opening credit accounts in your name but doesn’t affect your credit score or your ability to use existing lines of credit. Protect yourself and your loved ones by freezing your credit and monitoring your credit report — it doesn’t cost anything but your time!
Episode: Unlocking Millionaire Status and Preparing for Upcoming Medicare Changes
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September 7
Schedule a tax planning meeting with your CPA.
Just as the best sports teams don’t wait until the playoffs to start getting ready, you shouldn’t wait until you’re filing your taxes to get your strategy in order. By meeting with your CPA now, you can give yourself a better shot at maximizing your tax benefits and minimizing any surprises. If you don’t have a CPA — or your advisor isn’t coordinating with one — head over to creativeplanning.com/radio to connect with us. After all, a financial plan isn’t truly comprehensive if it doesn’t account for taxes.
Episode: Football, Finance and Winning Strategies
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4 Important Tax Planning Strategies to Consider
August 31
Name an accountability partner.
When it comes to becoming more disciplined — whether to improve your health or your finances — it can be extremely helpful to have an accountability partner who can both encourage you and help keep you on track toward your goals. Because money can sometimes be a more private topic among friends, this role in your life may be best filled by a fiduciary financial advisor.
Episode: Achieving a Meaningful Retirement
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August 24
Schedule a routine health checkup.
Medical events and long-term care are expensive. Preventative healthcare can help keep more of your hard-earned money in your pocket. But what’s more, it can also potentially help you live longer and improve your quality of life. At the end of the day, your health matters more than your money.
Episode: Navigating Roth Conversions: the Good, the Bad, and the Ugly
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August 17
Create a financial mission statement.
A financial mission statement is your financial foundation and can help you find meaning with your money. Whether your mission is to secure your family’s future, support your community or travel the world without financial stress, having a statement in place is crucial. Financial decisions then become easier going forward as well, because if an option you’re confronted with doesn’t align with your mission statement, it’s a clear no.
Episode: The Million-Dollar Question, Answered
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The Life-Changing Magic of Organizing Your Finances
How to Establish a Charitable Giving Strategy
August 10
Subscribe to our podcast if you haven’t yet, and leave us a review!
This week’s task for radio listeners is to subscribe to the Rethink Your Money podcast. If you’re already subscribed to our podcast — and you’ve got time — then we’re asking you to please leave us a review. Doing so really helps us out and allows more people to find financial information so that they can make better-informed money moves.
Episode: What Do the Olympics and the Stock Market Have in Common?
August 3
Label all your expenses as discretionary or non-discretionary.
Begin by pulling up your credit card and bank statements (or whatever budgeting tool you may already use) to see what your expenses are. Discretionary expenses are those you choose to take on that aren’t essential for living your life (wants). Non-discretionary expenses are those you must pay each month to live or work (needs). Properly labeling your expenses will provide a clear picture of what you can potentially cut out.
Episode: Important Mid-Year Financial Considerations
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July 27
Make returns part of your routine.
In this age of one-click ordering, we often receive items we don’t like or need. If you’re not returning purchases that don’t work for you, you’re losing money. You might consider saving up your returns and doing them together on the same day each month or waiting until the value of your items hits a certain threshold, but each item you take back before the return window closes puts more hard-earned money back in your pocket.
Episode: The Most Important Routine for Your Financial Success
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July 20
Start planning your meals.
Many Americans are feeling the spike in food prices as a result of inflation. Beginning now, I encourage you to focus on what you’ll eat throughout any given week — and then purchase food accordingly. Doing so prevents food waste, and it could also help you save money!
Episode: Love, Money and Index Funds
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Get Your Financial House in Order
July 13
Compare your credit card interest rates.
Review your credit card accounts and note the current interest rates, as they may have increased since you first applied for the cards. If you can find a better deal elsewhere — or, better yet, consolidate them down to a 12-month 0% interest card — it may be a good time to transfer your balance. However, be sure to review any balance transfer and/or membership fees before selecting a new card. However, be warned that closing an account can have a negative effect on your credit score, which is why it’s sometimes better to leave accounts open despite not using them to help boost your score.
Episode: There’s No Such Thing as Summer Vacation for Investing
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July 6
Review your insurance coverage.
Regardless of your net worth, it’s important to consider risk management within the context of a well-built financial plan. Proper insurance coverage can help protect against potential creditors, litigation and taxes. Even if you’re in a good position and have saved enough to support your objectives, the unexpected remains a significant threat. So this week, review your current insurance policies to determine whether you have the appropriate combination of coverage for your specific situation.
Episode: Shaping Your Legacy Through Your Finances
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Asset Protection Isn’t Just for the Wealthy
June 29
Decide who should have access to your digital assets.
Back in May, you were asked to get your digital assets in order — but now we’re taking it a step further. It’s time for you to go through your digital inventory and decide who should have access to the different items. Once that’s done, make sure to clearly state what you decide within your will, trust and powers of attorney.
Episode: Looking to Create Wealth? Earn It!
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Estate Planning for Digital Assets
June 22
Get a handle on your debt.
It’s no secret carrying debt can be stressful. But it can also hurt your credit score, trap you in a cycle of borrowing, limit your opportunities and hinder your ability to maximize your retirement savings. There are two strategies used for paying off debt: the snowball method and the avalanche method. This week, decide which one makes the most sense for you.
Episode: Beyond the Headlines: Taking Charge of Your Financial Future
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June 15
Create a care budget.
Spend a few minutes identifying how you’re allocating your three most valuable resources: your time, your energy and your money. Prioritize the most important ways to spend each resource, and be prepared to make adjustments next week in order to better align your current situation with your priorities.
Episode: Trends That Are Changing Retirement
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June 8
Read a book on personal finance.
Today’s tip is to find and read a book on personal finance. One of my favorites is Morgan Housel’s “The Psychology of Money” (an easy read that’s broken down into small chapters). I’ve yet to meet someone who said they didn’t like this book. Another great option is Creative Planning President Peter Mallouk’s most recent book, “Money, Simplified,” which integrates decades of investing experience and real-life stories with informative visuals.
Episode: Did Someone Say “Election Year”?
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5 Wealth-Building Strategies to Implement Now
June 1
Review where your 401k contributions are being directed.
While people tend to periodically check their 401k plan to see which types of investments they’re invested in or review their performance, they rarely seem to consider where their contributions are being directed (in terms of a traditional vs. Roth account). Before determining how to invest, you’ll first want to answer the very important question of where to invest.
Episode: The Powerful Impact of Cash
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Are You Contributing Enough to Your 401k?
May 25
Review your autopay subscriptions.
This week’s tip is to review all your autopay subscriptions. Fortunately, you can easily see what you’re subscribed to through your iPhone (Settings –> Apple ID, iCloud+, Media & Purchases –> Subscriptions). The rest you can find by combing through your monthly bank and credit card statements. You may be shocked to see how many of these expenses you can immediately cut out. If you need additional, ongoing help with this task, check out this article from Forbes.
Episode: Burned by Do-It-Yourself Investing?
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May 18
Download our free tax guide, 5 Tips to Reduce Portfolio Taxes.
Today’s task is simple: use this link to download our free tax guide. By reading our guide, you can discover ways to potentially keep more of your hard-earned wealth through increased tax efficiency.
Episode: Practical Tips to Reduce Portfolio Taxes
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May 11
Audit your portfolio holdings.
An investment portfolio audit helps you understand your portfolio’s current strengths and weaknesses. Life is dynamic, so it’s important that you consistently reevaluate the way you’re invested. If you were to invest all your money from scratch today, would you invest it in the exact same manner that you’re currently positioned?
You want to audit your portfolio holdings for expected return, standard deviation, the range of volatility you can expect, fees and expenses, dividends, and taxation. If this feels overwhelming, sit down with a CERTIFIED FINANCIAL PLANNER™ professional and ask what they see. The goal is to maximize your return on the funds you’ve worked a lifetime to save.
Episode: 5 Mistakes Investors Make
May 4
Get your digital assets in order.
Sit down and make a list of all your digital logins and passwords so that if anything happens to you, your loved ones can still access your accounts. Make sure to include financial websites, email, social media, etc. Once your list is complete, give it to someone you trust so that they can act according to your instructions in the event you become incapacitated or unexpectedly pass away.
Episode: The Invisible Threat to Your Retirement
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Estate Planning for Digital Assets
April 27
Create a money mindfulness practice for added peace of mind.
Check in with your finances: Set aside a few minutes to check in with your finances on a recurring basis — this can be done quarterly or at whatever interval works best for you.
Practice gratitude: Take a moment to appreciate where you are financially and what you’ve done successfully when it comes to your money.
Be mindful of your spending: Before making a purchase, pause and ask yourself, “Does this align with my values and financial goals?”
Practice non-judgment: Approach your financial situation with curiosity and openness rather than judgment and self-criticism.
Episode: 6 Signs You’re Ready to Retire
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April 20
Confirm your assets are titled correctly and owned by your living trust.
Probate is a lengthy, costly and public process that an estate plan can potentially help you avoid. But even if you’ve already set up your estate plan, which may very well include a revocable trust, the key to success is making sure your assets are titled and owned by the trust — otherwise the trust is worthless.
Episode: Reasons Investors Can Have Financial Optimism
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April 13
Create a budget that identifies your essential expenses.
Creating a budget that identifies your essential expenses now is a great way to be prepared if an emergency situation arises.
You can do this by going through your last few months’ worth of bank account and credit card statements and categorizing your spending into four categories: fixed (bills you can’t negotiate, like your rent or mortgage), lifestyle (things you need to buy, like groceries, where you have some control over the cost), discretionary (extras you could cut out) and savings (such as contributions to your IRA).
Episode: The Financial Pinch of the Sandwich Generation
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April 6
Check your account beneficiaries and update them if necessary.
When opening your accounts, you may not have added beneficiary information at that time. And even if you did, your life may be different now. Perhaps you have a new child, you got a divorce, or the person you listed has passed away. Now’s the perfect time to check your life insurance policies and investment accounts to ensure your beneficiary designations are complete, accurate and applicable for today.
Episode: Building a Financial Plan off Your Life Phase, Not Your Age
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March 30
Decide how you’ll use your tax return refund BEFORE you receive it.
If you’re receiving a tax refund, do you plan to gift it? Save it in an emergency fund? Use it to pay off debt? Put it toward a long-term goal? Spend it on a vacation? Whatever you’re thinking, decide how it’ll be used now — and make sure it’s within the context of your financial plan.
Episode: When the Obvious Choice Leads You Astray
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March 23
Video a walkthrough of your house.
Home inventory videos are a great way to keep track of all your possessions in case of an insurance emergency. When you trigger a homeowner’s claim due to loss from a flood, a fire, theft, etc., a walkthrough video can help you account for what was lost and provide documentation of your claim to the insurance company.
Episode: All-or-Nothing Thinking Can Derail Your Retirement
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March 16
Set up dual-factor authentication for all your financial accounts.
Two-factor authentication (2FA) is a security measure that makes you pass two security tests before gaining access to your account or device. This security measure forces a hacker to have not only your evergreen password but also a limited-time secondary passcode sent to a disassociated email address or cell phone from the source site in order to gain access.
Episode: Financial Lessons Unveiled: Insights From 4 Featured Guests
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March 9
Review your Form W-4.
The purpose of filling out a Form W-4 upon hire is so that your employer can withhold the correct federal income tax from your pay. But as your life evolves, your selections may need to be updated. Here are four considerations for reviewing your Form W-4:
- Remember that claiming credits (such as the child tax credit and other dependent credits) will decrease the amount you need to withhold.
- Adjust for more withholding if you have additional income (like a second job or income-producing investments).
- Remember to adjust for less withholding if you’re expecting to claim itemized deductions.
- Notate any additional income tax you’d like withheld from each paycheck.
Episode: A Simple Wealth Strategy for a Complex World
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March 2
Make it easier to check your account balances by bookmarking all your financial sites.
This week’s “one simple task” is about as easy as it gets. Have the key websites you need to visit easily accessible so that you can get the information you’re looking for in an efficient manner.
Episode: 5 Myths That Could Be Stalling Your Financial Success
February 24
Gather all tax documents early in preparation for April 15.
Start a file and gather your tax forms all in one place. Add each as you receive it to save yourself time down the road. Examples include last year’s taxes, W-2s, 1099s, form 1098-E (for homeowners), form 1098-T (for education expenses), contribution information, documentation on tax-deductible retirement plan contributions, gain and loss reports, K-1s (for partnerships), any supporting documentation for tax deductions or credits, charitable donations, estimated tax payments you already sent to the government, and bank account information. If you contributed to a 529 plan and your state offers a tax benefit, you’ll want to keep that information on hand as well.
Episode: Inside Look: A Wealth Planning Case Study (Part 3 of 3)
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February 17
Set up your phone’s legacy contact.
Your phone holds a wealth of important data, such as contact information, notes and emails. In order for friends or family members to access your cell phone data after your passing, you’ll first need to assign a legacy contact. View the related article linked below for instructions on how to set up a legacy contact for your iPhone or Android — the process should only take a couple of minutes!
Episode: Inside Look: A Wealth Planning Case Study (Part 2 of 3)
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What Happens to Your Cell Phone Files After Your Passing?
February 10
Go on a “money date.”
If you’re married or have a partner with whom you share finances, chances are good you’re long overdue for a money date. A money date is simply a scheduled conversation to discuss how your money fits into your goals, values and priorities (both shared and individual). Make sure you plan your money date with enough time to prepare beforehand in order to get the most out of your conversation.
Episode: Inside Look: A Wealth Planning Case Study (Part 1 of 3)
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February 3
Increase your contribution rate by 1%.
Increasing your retirement contribution rate by 1% may not seem like enough to make an impact, but it is. You most likely won’t notice the 1% in your daily life, but that small adjustment can grow exponentially. If you increase your contribution by 1% annually for the next 30 years, you could end up with hundreds of thousands of dollars in additional retirement savings.
Episode: Crafting a Wealth Plan to Last Your Lifetime
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January 27
Review your asset location.
Much like real estate, location is a crucial factor of your savings. The tax treatment of the accounts you have money saved in is just as important as the amount you have saved. Consider reviewing the tax benefits of each type of account you’re currently funding and whether they’re the most tax-efficient options.
Episode: 6 Lessons That Apply to Both Life and Investing
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Explainer Video: Asset Location Strategies
January 20
Check your asset allocation.
What percentage of your assets are in stocks, bonds and cash? Your asset allocation should reflect your risk tolerance based on when you want to retire. After retirement, you may want to adjust your allocations to reflect your spending needs.
Episode: Your Portfolio’s Greatest Threat
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Explainer Video: Asset Location Strategies
January 13
Get a second opinion from a fiduciary advisor.
There will be 8,760 hours in 2024, and you’ll spend about 2,400 of them working and earning money. Why not spend just one or two of those hours double checking that your finances are handled properly? Meet with an independent, experienced registered investment advisor and get a second opinion on your financial plan to confirm it’s set up for success.
Episode: Is Your Financial Plan Incomplete?
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January 6
Meet your employer’s match.
Don’t leave free money on the table. Confirm what your employer’s match is and exactly how much you need to contribute to your 401(k) to receive it all. There’s no other place where you can earn a guaranteed 100% return on your investment.
Episode: 8 Non-Negotiable Money Moves in 2024
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No matter what stage of your financial journey you’re in, it’s always the right time to give your financials a second look. We’ll be updating this article each week with a new step to improve your financial wellness, so stay tuned for more insights!
Interested in more practical financial planning advice? Listen live every weekend to our Rethink Your Money™ radio show, hosted by Wealth Manager John Hagensen, for additional commentary on small financial habits that can make a big impact. Find your local station to tune in to the next episode.
