As the new year rolls on, many of us are still in the process of setting goals and making plans. Whether it’s fitness, career growth, or personal development, the start of the year feels like the perfect time to begin fresh. But what about your financial plan? Have you given it a second look? The beginning of March is a great time to review your financial plan and ensure you’re on the right track for the year ahead.

Why It’s Important to Review Your Financial Plan

You may have already created a financial plan, maybe even as part of your New Year’s resolutions. But as we move into March, it’s easy for goals to start slipping away or feel a little less urgent. That’s where a review comes in. A solid review allows you to check in with yourself and make sure everything is still aligned with your current goals, life situation, and priorities.

Here’s why reviewing your financial plan in the first quarter matters:

  1. Catch Mistakes Early


Life happens. Things change quickly—whether it’s an unexpected expense or a new income source. The first quarter is your opportunity to spot any mistakes or missed opportunities in your plan. Did you forget to update your budget after a change in income or expenses? Are there new tax rules you need to take into account? A quick review can help you catch these early and avoid bigger issues later in the year.

  1. Assess Your Progress


If you set financial goals in January, now is the perfect time to check on your progress. Are you saving enough for retirement? Have you started putting money aside for your emergency fund? How are you doing with paying down debt? By looking at your financial situation early in the year, you can make adjustments while there’s still time to reach those goals.

  1. Reevaluate Your Priorities


Your financial goals might have changed. Maybe you have a big trip planned, or you’re considering buying a home in the near future. Or perhaps you’ve decided to focus more on saving for your children’s education. A first-quarter review gives you the chance to adjust your financial plan based on your current priorities and life changes. If something new is important to you, make sure your plan reflects that.

  1. Set Yourself Up for Success


By reviewing your financial plan, you’re setting yourself up for a more successful year. It gives you the chance to tweak things while you still have time to adjust course. Small changes now can lead to big wins later. For example, increasing your retirement savings by just a little bit early in the year could make a big difference by the time December rolls around.

  1. Peace of Mind


Taking the time to review your financial plan helps you feel more in control of your finances. When you’re confident that your plan is on track, you’ll experience less stress and anxiety about money. Knowing where you stand allows you to make informed decisions about spending, saving, and investing, and gives you the confidence to face whatever comes your way in the months ahead.

How to Review Your Financial Plan

Now that you know why it’s important, here are some tips for conducting your financial review:

  • Check your budget: Make sure it’s still realistic based on your income and expenses. Update anything that’s changed.
  • Review your savings: Are you on track with your savings goals? Consider if you need to adjust contributions to your retirement account, emergency fund, or other goals.
  • Look at your debt: How is your debt repayment going? If you haven’t made much progress, it may be time to adjust your strategy.
  • Revisit your goals: Have your goals shifted? Make sure your financial plan reflects your current priorities.

DeSantis, Kiefer, Shall & Sarcone Can Help with Your Financial Plan

Taking the time to review your financial plan in the first quarter is an easy way to stay on top of your finances and ensure you’re on track to meet your goals, and the experts at DeSantis, Kiefer, Shall & Sarcone can help. Whether it’s catching mistakes early, assessing progress, or just feeling more at ease with your money, a simple check-in can help set you up for success throughout the year. Don’t wait until the end of the year to review your finances—start now and set yourself up for a smooth and successful financial journey!