How To Set Up A Family Finance Calendar For 2025 And Beyond

In today's modern age, people are required to keep track of various events and deadlines, especially when it comes to taking care of family finances. Whether it is school fees, filing income tax return, utility bills, vacations, or investments, missing out on important dates might force you to spend more money than expected. In such a scenario, building up a family finance calendar can work as a roadmap to track all the expenses, set up financial goals in life and ensure timely payments of all types.

A family finance calendar can help in managing the budget for all the big expenditures, covering the monthly expenses on essential items and lifestyle spending for family members.

Apart from keeping a track of unavoidable spending throughout the year, this key budgeting tool can help in managing funds for times when it is required the most, such as a medical emergency, home renovation, or even for holidays. 

In simple terms, this sets up a timeline, listing out dates when people might be required to spend more compared with times when they can look forward to extra savings.

Having a financial calendar ready also serves as a preventive measure, ensuring that no extra money is spent than the actual requirement. For example, paying all the taxes or the instalment of your loan EMIs on time saves you from additional fees and charges.

The first step here is to prepare a financial calendar as per your financial goals and needs. Digital calendars on phones or laptops can help in setting reminders, while maintaining a physical one can be beneficial for in-depth budgeting sessions.

Marking Dates: Start listing out all the recurring expenses, including utility bills, insurance premiums, subscriptions and other expenses. Note down their due dates and set up reminders for the same. 

Financial Goals: Mention all your short and long-term financial goals. This can feature savings for vacation or to buy a new vehicle. Allocate the funds depending on the monthly requirements and keep track of them throughout the year.

Mark Seasonal Expenses: There are certain expenses that might not require monthly instalments and come up during a specific time period. Here, people can also mention the budget for special occasions like birthdays or anniversaries and festivals.

Reviews: Make sure that the family finances are reviewed at least once a month. Such habits help in adjusting the budgets based on the spending of family members and work out on upcoming expenses.

April: Pick from new or old tax regime; submit forms 15G/15H to avoid TDS; review life and health insurance covers.

May: Prepare income statement for tax return filing; obtain Form 16 from employer.

June: Pay the first advance tax instalment.

July: It’s time for a mid-year review of our investments and financial goals.

August: Plan your expenses for the upcoming festive season. 

September: Pay 45% of the entire projected tax liability by Sep. 15, if applicable; pay the second advance tax instalment. The ITR filing deadline for FY25 has been extended till Sept. 15.

October: Maximise benefits during the holiday season from sales and discounts.

November: Give financial lessons to kids on Children's Day; start income tax planning if chosen old tax regime.

December: Pay the third advance tax instalment.

January: Establish financial goals to achieve in the New Year.

February: Take note of tax slabs, exemptions and investment regulations in the Union Budget.

March: Fourth advance tax instalment.