2023 Personal Finance Planner to Keep You on Track

Maura Schauss |

Ann Blakey, CFP® at Washington Wealth Advisors

We’ve created a month-by-month financial planner to keep your financial life on track in 2023.  Use this monthly guide to address elements making up your overall financial plan.

We believe financial peace of mind begins with a plan aligned with your unique goals appropriately adjusted along life's journey to keep you on track.

We are here to help you establish your financial strategy and make progress on your action items.  Connect with us if you would like to explore having a trusted partner by your side to create your plan and help keep you on track.  Best wishes for 2023! 

January: Review Your Overall Financial Investments

It’s probably time for a solid financial checkup. Write down the answers to questions such as:

  • Write down your 2023 financial goals!
  • Did you increase your contributions to your 401(k)? The 2023 max is $22,500.
    • Are you turning 50? Take advantage of the additional ‘catch up’ of $7,500 to total $30,000 towards savings.
  • Did you get a raise? If so, consider increasing your other savings a little bit.
  • Are you not yet saving outside of your retirement plan? Contact us – we can help establish your strategy.

These answers should help you know whether you’re on the right track with your financial goals. And, if you’re not on track, now is a perfect time to determine the appropriate strategies to help you return to your plan.

February: Focus on Your Investment Accounts

Focus on your investment accounts this month. Review your asset allocations and determine whether your current portfolio is properly positioned for your circumstances and risk tolerance.

This is a great time to make sure you have an appointment with your financial advisor to review your overall approach and adjust as necessary.

March: Make Final Contributions

With the approaching tax filing deadline of April 18th, it’s time to make final 2022 contributions to IRA Accounts and HSA accounts.

  • IRA and Roth IRA 2022 contribution limits are $6,000, or $7,000 for individuals age 50 and over.
  • HSA 2022 contribution limits are $3,550 for individuals or $7,100 for families. People age 55 and over can contribute an additional $1,000.

April: Organize Your File System

It’s tax season! This month clean out and organize your financial filing system. Decide which documents you need to keep and which ones you can shred. If you haven’t gone paperless yet, could 2023 be the year to make the switch?

Helpful tip: Get a file folder to put all tax related documents in to ease 2023 filing process. Don't forget to create a folder on your computer for your soft-copy tax documents and charitable contribution receipts. 

May: Assess Your Cash Situation

There is such a thing as having too much cash. Look at your emergency fund. Most households need 3-6 months’ worth of emergency fund money in cash. An experienced wealth advisor at Washington Wealth Advisors can help you find the right balance and establish an approach to your cash reserve with a tiered cash reserve strategy.

June: Update Investment Objective Statements

An Investment Objective statement is important for you and your advisor to ensure your investments are helping you reach your goals. If you’re retired or are approaching retirement, you may want to complement your objectives with a retirement policy statement that addresses your retirement spending strategies.  Keep in mind that in retirement, your focus with your advisor will shift from a savings focus to a retirement income planning focus.

July: Conduct A Portfolio & Plan Checkup

Mid-year is a good time to check up on your portfolio and the viability of your financial plan. If the first half of the year threw unexpected surprises your way and you had to adjust financially, now is the time to get back on track.

August: Protect Your Loved Ones

This month focus on your estate plan and make sure your loved ones are protected. In addition to building or updating your estate plan, review your beneficiary designations on your accounts and insurance policies so the right people will be cared for if the worst should happen.

September: Protect Yourself

If August was the month of protecting your loved ones, September is the month of protecting yourself. Almost 70% of people turning 65 this year will need long-term care support during retirement1, and long-term care is costly. This month discuss with your advisor the likelihood that you will need long-term care, as well as your options and strategies for affording it.

October: Plan for Education Needs

Fall is in the air, and our kids are back in the swing of school. If you’re planning to help your children or grandchildren with higher-education costs, you have options to save that money efficiently. Spend this month reviewing your plan or learning about 529 accounts and other college-funding accounts to decide which is best for your family.

November: Review Your Insurance

Most companies in the U.S. offer open enrollment for health insurance in November, so this month is a good time to review your coverage. While you’re at it, review your other insurance policies such as homeowner’s insurance and auto insurance.

Shopping for insurance annually may save you hundreds of dollars a year.

December: Conduct A Year-End Portfolio Review

Congratulations on reviewing different aspects of your financial plan every month this year! Reward yourself with a year-end portfolio review and take stock of the tax implications you’ll face on any losses or gains you experienced in 2023.

December is also the season of giving, and while charitable giving is a good thing in and of itself, it can also lower your tax bill.

Don’t Go It Alone

You don’t have to do all this financial planning on your own. Working with a trusted CFP® financial professional from our team allows you the opportunity to efficiently plan and resolve tough financial scenarios and questions. If you’d like to work with a partner who provides advice centered around your best interests, call us at 703.584.2700, email clientservices@washingtonwealthadv.com or schedule time with us using our online calendar.




Washington Wealth Advisors is a fee-only registered investment advisory firm serving busy families, executives, women building wealth, and small business owners. We provide Wealth Advisory Services—financial planning coupled with asset management—guided by a personalized investment strategy based on each client’s unique goals. Our fiduciary approach, independent advice, and proactive investment management help to support our clients’ overall financial peace of mind.