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Every year, nearly 130 million households file their federal tax returns.¹ For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.
It seems a shame not to make the most of all that effort.
Tax preparation may be the only time of year many households gather all their financial information in one place. That makes it a perfect time to take a critical look at how much money is coming in and where it's all going. In other words, give the household budget a checkup.
One method for doing a thorough budget checkup involves six steps.
Tax time can provide an excellent opportunity to give your household budget a thorough check up. And taking control of your money could enable you to put more of it to work pursuing your financial goals.
1. IRS, 2013
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2013 FMG Suite.
This article is for information and educational purposes only and does not necessarily represent the opinion of Protective Life. Protective Life did not assist in the preparation of this material. For information about Protective Life and its products and services, visit
Protective Life refers to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life & Annuity Insurance Company (PLAICO). FMG Suite is not an affiliate of PLICO and is responsible for its own financial conditions and obligations.
Cash purchases don’t show up on monthly statements, making them more difficult to track. Consider keeping receipts for all cash purchases.
For smart phone users, an app may help you set and track your budget. The iTunes App Store and Google Play each list over 1,000 different budgeting apps.
Apple App Store and Google Play, surveyed on February 13, 2013.