The S&P 500 finished the month of May up over 6% for the year. This coming week will bring some significant economic data as several labor reports are released, along with earnings from several technology companies active in the AI space. And as Kevin Warsh assumes leadership of the Federal Reserve Bank Board of Governors, he’s looking at different measurements of inflation, which could impact short-term interest rates.
If you’re more concerned with this week, or this month, consider a new type of date night. It doesn’t matter what your relationship status is. Schedule time on your calendar for an admin night. Once a month, block time to deal with all the little things that have piled up.
These are things that are important, but not urgent. In addition to paying bills and maybe even tracking spending, tackle that pile of mail on the counter. This might mean appealing the toll violation you received even though you also had an EZ Pass charge for the same trip. Or finally updating your beneficiaries.
If you’re married or in a relationship, this can be a time to tackle things together or just check items off the honey-do list at the same time. The key is that you are both working on the burden of running the household. If it’s mostly paperwork, maybe you have dinner while you work. If it’s other chores around the house, maybe you relax together afterwards.
If you’re single, the admin night might be a scheduled evening at home. Or, if it’s mostly paperwork or online tasks, consider a coffee shop or café.
The key is to block time monthly to stay on top of everything life is throwing at you. Once you are caught up on the pile of mail, there can be time to tackle bigger items. Review your insurance coverages. Complete your estate plan.
For your employer-sponsored retirement plans, like a 401(k), 403(b), or TSP, admin night can provide time to review your plan. How much are you contributing? Is there room in your budget to increase that by 1%? Is it allocated properly, given your age and when you plan to retire? Are your beneficiaries correct?
It is often said that the cobbler’s children have no shoes. Proactively scheduling a monthly admin night can help you stay on track with your finances, keeping small things from having a bigger impact.
Your action item this week is to buy new sunscreen. If you’re heading to the beach this summer, an ounce of prevention is worth a pound of cure.
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CovingtonAlsina is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.