A Tax Fact from The Tax Institute at H&R Block

"Pay off debt" and "save more money" are consistently among the top five resolutions made every January. But you don't have to wait until the first of the year to bolster your financial picture. Here are a few ways to plan for a better financial future - every month.

January
Be a part of the crowd: Make that financial New Year's Resolution. Take a full inventory of your finances, from the cost of life insurance to the yield you earn on your savings account. Commit to change.

February
Tax time is the perfect time to take a big-picture look at your finances. A trained tax professional can help you turn tax time into a bigger discussion about investments and savings. Be sure to visit your tax professional with questions in hand.

March
Do you owe taxes this year? Reduce your tax liability by opening an IRA. IRAs can lower your tax liability and help you save for the future. Plus, depending on your income requirements, you might be eligible for the Saver's Credit, which rewards people for saving. Ask your tax professional.

April
Owe on your taxes? Consider taking a look at your deductions to see if you can reduce that tax bill next year.

May
Each spring, "Home For Sale" signs pop up quicker than daisies. Spring and summer are prime times to buy or sell a house. If you're considering buying or selling a home, use a reputable source, do your homework and shop for rates with the same passion you'd shop for a home.

June
New Year's Eve isn't the only time to resolve to put your finances in order. June is the perfect month for a mid-year financial tune up. What interest are you earning on your savings? Do you need to sock more away for retirement? How's that debt reduction plan coming along?

July
The summer months are a hot time for interest rates. It's also a great time to complete those home improvement projects around the house. Or, consider refinancing your existing mortgage at a lower rate. Reduce your mortgage payment or reinvest in your mortgage to reduce your payoff amount.

August
August is prime shopping time for those back to school needs. Prepare for back to school, and beyond. If you've got older kids at home, consider giving them a school budget - loaded on a prepaid debit card. Make them pick between that trendy T-shirt and those must-have - but very pricey - pants.

September
Do you have a child going to college this year? Help them start their financial status on a high note. Don't let them fall victim to the endless parade of credit card solicitations. Ease them into plastic with a prepaid debit card; they're easy to use, but unlike a credit card, they can only spend what they have. Give them the financial independence of a credit card, but without the credit risk.

October
Got credit card debt? Outline a plan to get it paid off. Whether it takes three months or a year, you'll feel great when you rid yourself of that debt.

November
Save yourself a trip to the mall and consider gifts for the holidays that send a fiscally positive message. Give the kids in your family a newly opened savings account or certificate of deposit. Open it now and by year-end, they'll already be able to see interest accrue. Start the right kind of savings habits, early.

December
Dreaming of summer vacation? Start your vacation fund this month. Put aside a lump sum every month and take that cruise to the Greek Isles in July - and without credit card debt.

This Tax Fact is brought to you by The Tax Institute at H&R Block.

To view other helpful tax information or listen to our Tax Fact podcasts, visit www.digits.hrblock.com

As always . . . everyone’s tax situation is different, so be sure to consult a tax professional or financial advisor before making important financial decisions.

This Tax Fact is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice, nor is it intended to be used to avoid IRS penalties.