Need a little help cleaning up your February finances? Here’s a cheat sheet to help you get a head start!
File Taxes Early
The April 15th deadline will be here before you know it! If you’ve already received your tax return documents, go ahead and file early. That way if you get a refund, it’ll be in your bank account quicker. Plus, you’re less likely to fall victim to a tax scam if you file your return before fraudsters can get to it!
Apply for Financial Aid If You’re a Student
February is Financial Aid Awareness Month! If you’re headed to college in the fall, it’s time to fill out the Free Application for Federal Student Aid (FAFSA). Some colleges give priority to early filers, so get started now to save some money on higher education!
Ask for A Raise
Companies have typically solidified their yearly budgets by February, so now is the best time to ask for that raise you’ve been hoping for. With more money in the pot, it’s more likely your employer will be generous with how it’s allocated!
Pay Off Debt in Descending Order
It’s time to dig your way out of debt! If you have several bills piling up, start by paying off the one with the highest amount of interest. Even if it’s the lowest amount out of all your debts, it will add up quicker than you think. Finish by paying off the debt that accrues the least amount of interest because it won’t hurt your bank account quite so bad.
Make a 5 Year Plan
It may sound scary, but February is a great time to assess your long term financial goals. With holiday debt paid off (hopefully), you can look at the bigger picture! Do you want to go back to school? Buy a house? Travel the world? List your goals for the next 5 years and make a rough budget for the amount of money it will take to attain them!