Is Your 2025 Financial Plan on Track? A March Check-in

March is an ideal time to check in on your financial goals for the year. The first quarter is nearly over, tax season is in full swing, and it’s a great opportunity to assess whether you’re on track with your 2025 financial plan. Whether you're saving for retirement, paying off debt, or investing for the future, a March financial check-in can help ensure you’re making progress and make any necessary adjustments.

Why a March Financial Check-in is Important

1. First Quarter Progress Review

• Assess how well you’ve stuck to your budget and savings goals.

• Identify any unexpected expenses that may have thrown you off track.

• Adjust spending habits to ensure you stay on course for the rest of the year.

2. Tax Preparation and Planning

• Ensure you’ve gathered all necessary documents for tax filing.

• Maximize tax-advantaged accounts like IRAs and HSAs before the April deadline.

• Look for deductions or credits that can lower your tax burden.

3. Investment Performance Review

• Check how your portfolio has performed in the first quarter.

• Rebalance investments if necessary to align with your risk tolerance.

• Consider adjusting contributions to your retirement accounts based on market conditions.

Steps to Ensure Your Financial Plan is on Track

1. Review Your Budget

• Go through your expenses from January to March and identify areas where you may need to cut back or adjust spending. Use budgeting tools to track progress and make improvements.

2. Evaluate Your Savings Goals

• Have you saved as much as you planned for emergency funds, retirement, or other financial goals?

• If not, consider increasing your contributions or automating savings.

3. Check Your Debt Payoff Plan

• Review your progress on paying down credit cards, student loans, or other debt.

• Consider refinancing or consolidating high-interest debt if needed.

4. Reassess Insurance Needs

• Ensure your life, health, home, and auto insurance policies provide adequate coverage.

• Make any necessary adjustments based on life changes (marriage, new job, etc.).

5. Update Your Financial Plan

• If you've experienced major life changes or economic shifts, adjust your financial strategy accordingly. Work with a financial advisor if necessary.