Personal Finance Calendar
Managing your personal finances effectively requires more than just a yearly budget; it involves a proactive approach throughout the year. A personal finance calendar can serve as your roadmap, guiding you through essential tasks and milestones each month. From assessing your income and expenses to planning for tax payments and educational funding, this calendar will help you stay organized and informed.
Personal Finance Calendar:
June - We're Halfway to Next Year
- Take a look at your “sources and uses” of money. Is it what you expected, or are you considering making adjustments?
- Don’t forget second-quarter estimated income tax payments are due by June 15.
- Refresh your money skills. Add at least one book on personal finance, economics, or investing to your summer reading list.
- Look back at the last 6 months. Are there any financial takeaways you can apply to the remainder of the year?
- As children or grandchildren get ready for school, create a strategy to help pay for the expenses. There are a number of educational funding choices, and one may be a fit for your situation.
- Your college-bound child may want to consider completing their Free Application for Student Aid (FAFSA). It may show available grants or scholarships. However, the FAFSA closes this month, so don’t delay.
- Most companies begin “open enrollment” for their insurance plans in the following months. Prepare now by looking at your current health plan and considering whether it meets your needs. Open enrollment for Medicare starts in November.
- Don't forget third-quarter estimated income tax payments are due by September 15.
- If you have children off to college next year, the Free Application for Federal Student Aid (FAFSA) window opens once again on October 1. Encourage your child to complete the FAFSA as early as possible to increase their chances at available scholarships and grants.
- File your income tax return by October 15 if you requested a six-month extension back in April.
- If you want to establish a retirement plan outside of your work-sponsored program, you must open the account by your tax filing deadline plus any extensions, which is October 15 for most.
- Medicare open enrollment begins, providing your opportunity to drop or switch plan coverage.
- Review your charitable giving and update any funding strategies, if needed.
- Watch for capital gains payouts. Investment companies typically distribute capital gains in December, and by November, they usually publish estimates of their distributions.
- Healthcare.gov open enrollment begins, Medicare Part A and B premiums and deductibles announced.
- If you’re 73 or older, don’t forget to take your annual required minimum distribution (RMD) by December 31.
- You can request an annual Social Security Statement. Compare your earnings record against your old tax returns for accuracy. This is also an excellent time to check for other irregularities to prevent identity theft.
- Write down the major financial events you anticipate in the next few years. That will help guide a discussion about whether your portfolio reflects your short- and long-term goals.
- Update your personal net worth to account for any significant changes in the past year.
- Double-check your employer-sponsored retirement plans. When determining how much to contribute, make certain to check whether your employer offers a matching program and that you are maxing out tax savings limits.
- Take a moment to check on your various insurance programs and coverage (health insurance, life insurance, auto/homeowners, long term care, etc.) amounts. Draw up a list of questions if you believe they no longer reflect your lifestyle.
- Create a list of your top-three major expenses scheduled for the year.
- Take a minute and create a list of your monthly subscription services.
- You should have received most of your tax documents by now. Start organizing your important documents so you can complete your federal and state returns.
- Check your credit report. All U.S. Citizens are entitled to a free copy of their credit report every 12 months from the national credit reporting agencies.
- Tax returns are typically due before midnight of April 15. If you need to request a six-month extension, you still need to pay any taxes due by April 15.
- April 15 is also the last day to contribute to most retirement accounts for the prior year.
- Don’t forget that first-quarter estimated income tax payments are due by April 15.
- Create or update your home and personal property inventory. Use your phone and reliable digital-backup service to record and store videos of your valuable possessions.
- Take a look at your estate strategy, and see if it continues to reflect your family’s wishes. Were there any marriages or divorces in the past year? Did your family welcome a new child or grandchild?
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As you navigate the financial landscape, use this guide to ensure you’re making the most of your resources and setting yourself up for success in the months ahead. Whether you’re looking to refresh your financial knowledge or prepare for upcoming expenses, each month offers unique opportunities to enhance your financial well-being. If you have specific questions or would like assistance tailored to your situation, the team at the Investment Service Center is available to help. We can provide insights and support as you work towards your financial goals.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This material was prepared by Fresh Finance for the Investment Service Center’s use.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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For many Americans, buying a home has simply become unaffordable in recent years. In April, the median sales price of an existing single-family home was $413k, up 2% year-over-year, and a staggering 45% from April 2020. Similarly, the median sales price of a new single-family home in April was $410k, and while it was down 2% year-over-year, it was still up 31% from April 2020.
The rise in home prices is partly due to a structural imbalance between the supply and demand for single-family homes, with an estimated shortage of roughly 4.5 million homes in the U.S, according to Zillow. Years of underdevelopment following the Great Financial Crisis and rising material costs have hampered housing supply, while demand has risen as more millennials reach prime home-buying age. Meanwhile, higher interest rates have boosted the ratio of mortgage payments as a percentage of median household income to its highest levels in nearly 35 years. Coupled with tightened mortgage lending standards, a generation of potential buyers is being priced out of the market. This week’s chart underscores this trend, showing the median age of a first-time U.S. homebuyer rising over time, reaching a new high of 38 years in 2024, according to the National Association of Realtors.
Instead, prospective buyers are being forced to rent for longer periods, driving up demand for multi-family homes. Given the ongoing shortage of single-family housing in the U.S., and barring a major recession that drives down rates, homes will continue to be unaffordable, further propelling the shift toward renting, and multi-family housing, in the years to come.
Chart of the Week: Source: National Association of Realtors, J.P. Morgan Asset Management.
Thought of the Week: Source: Moody's, National Association of Realtors, Zillow, J.P. Morgan Asset Management.
Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally
Adjusted Annual Rate
MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australasia, and the Far East.
Bond Returns: All returns represent total return. Index: Bloomberg US Aggregate; provided by: Bloomberg Capital. Index: Bloomberg Investment Grade Credit; provided by: Bloomberg Capital. Index: Bloomberg Municipal Bond 10 Yr; provided by: Blomberg Capital. Index: Bloomberg Capital High Yield Index; provided by: Bloomberg Capital.
Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month LIBOR, British Bankers’ Association; 3 Month EURIBOR, European Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve.
Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn, FactSet. Bloomberg Commodity Index (BBG Idx), Bloomberg Finance L.P.
information from FactSet's Pricing database as provided by MSCI. Russell 1000 Value Index,
Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of dividends. The Index used from L to R,
top to bottomare: Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-to book ratios and lower forecasted growth values), S&P 500 Index (Index represents the 500 Large Cap portion of the stockmarket, and
is comprised of 500 stocks as selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures
the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted growth values).
Past performance does not guarantee future results.
instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.
The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any
jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.
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