Let’s Start the Year Organized!
Let’s start the year organized! January is an ideal time to review your finances, update documents, and set up systems that will support you throughout the year.
Important January Dates
- January 1 – First day to fund traditional IRAs, Roth IRAs, and SEP IRAs (for self‑employed and small business owners) for the current year.
- January 31 – Employers must send out W‑2s and 1099s for prior year.
- Quarterly estimated tax payments are on the 15th unless it falls on a weekend or holiday. In which case the payment is due the next business day following the 15th.January is also a perfect month to revisit your spending plan (budget) or create a new one. Assess your spending habits and determine whether adjustments will help you meet your financial goals.
1. Sort Mail as Soon as It Arrives
- Toss junk mail.
• Shred sensitive documents.
• Separate bills and keep them in one place (basket, tray, or folder).
• File any documents you need to keep.
2. Create a Filing System
Use either a physical filing cabinet or an electronic system—whichever you will consistently use.
Suggested filing cabinet drawer labels:
• Tax & Legal
• Medical
• Household
• Financial
For an electronic system, create master folders mirroring these categories, with subfolders for each bank, credit card, or brokerage account.
Additional notes:
• Shred receipts you do not need, especially those with barcodes.
• Keep pay stubs until you receive a W‑2; keep the last paystub of the year for tax documentation.
• Keep tax‑related documents together (donation receipts, medical bills, taxes paid, 1099s, 1098s, etc.).
• Pharmacies can provide yearly summaries of prescription out‑of‑pocket costs.
• Keep business or rental property documents separate.
3. Create a Checklist of Bills
Maintaining a checklist helps ensure bills are paid on time and nothing is overlooked. This can be a physical list, spreadsheet, or part of your budgeting software.
