Weekend Money Projects With Christine Benz
Use this summer series to cross some financial tasks off your list before fall.
This is an updated version of an article that originally published on June 21, 2019.
It's summertime--a time for making memories with family, taking a much-needed vacation (or staycation), and getting outside while the getting is good. It's also the time for weekend projects. We've all used summer weekends to stain our decks, install new fire pits, and mulch our yards.
But summer is a good time to take on some basic money projects, too.
Why now? This time of year, most of us aren't knee-deep in the details of our finances. During the summer, we're not usually paying our taxes, funding IRAs, taking RMDs, conducting portfolios reviews/rebalancing, or maneuvering open enrollment. So why not take a little time to evaluate how we’re managing--or not managing--some larger money and financial issues before the busyness of fall?
To that end, we've created this special report, Weekend Money Projects. Each weekend between now and Labor Day, I'll guide you through one must-do money task.
Here's what you can expect. Be sure to visit Morningstar.com each weekend. And before the days shorten and the leaves begin to turn, you'll have your money foundation all set.
June 19: Calculate Your Net Worth
June 26: Assess Cash Flows and Create a Budget
July 3: Quantify and Set Goals
July 10: Calibrate Your Target Savings Rate
July 17: Assess Your Insurance Needs
July 24: Set and Invest Your Emergency Fund
July 31: How to Develop a Plan for Paying Down Debt
Aug. 7: Create an Investment Policy Statement
Aug. 14: Create a Master Directory
Aug. 21: Get Organized
Aug. 28: Tackle Estate-Planning Basics