Do you have your estate planning completed? If not, your state and federal government have done it for you – and you might not like how they have arranged your personal affairs.

Scary thought isn’t it? Especially if you have children. This is an emotionally charged issue with many of us, but please do not put off completing this task as it is most important.

All of us need to have a will, guardianship legally established, documents dealing with health issues (living will and a medical power of attorney) and additional personal estate all legally documented and established.

Research the topic (again the Dummies series has been helpful for us) and then contact an attorney who specializes in estate planning. Having a personal friend who is an estate attorney has really made me understand the enormous consequences that can, and usually do, occur when your estate has not been prepared for your personal situation.

Also discuss with your estate attorney how to approach your parents and their needs as they age and many time neglect this important preparation for the future.

The theme for September is Back to School. For those of you with children with college ahead, start saving now. For relatives who would like to contribute, using part of the birthday or Christmas gift money possibly (worth a try), you will need to set up a college savings plan.

To research the saving plans and the various options for college, we recommend starting with Clark Howard’s web site.

For those of us whom this is not a need, no you do not get a month off from the financial tasks we are working on this year! Our task this month, is to review any previous month’s tasks and do what you have not gotten completed. Trust me, you will feel better once it is done…

Summer time…reading on the beach… improving yourself and preparing for the fall season is a great topic for one of your books. A trip to your local bookstore or public library will offer you many choices in the personal and financial aspects of your life.

What areas are you wanting to improve in the later part of this year? We typically like the Dummies series on various topics and they usually list classic, time tested book titles, authors and web sites on the subject – making this a great place to start on your self-improvement project.

Education is one of the greatest investments – for a lifetime.

Do bank fees make you angry? That is a real hot button for me so I can’t wait to do the task for this month!

Are you happy with your bank and their service? It is time to research the services that credit unions, banks and on line banks have to offer you.

Decide which services are most important to you; lack of fees, brick and mortar location, personal attention for your business financial needs, etc.

Now go find the banking institution that meets your top requirements (check the interest rates and  account minimums). With all the competition available, there isn’t any reason I can’t be satisfied with my bank. The only reason standing in the way is my lack of dealing with the search and the changes required!

Online bill pay is the best invention known to man, in my humble opinion. If you haven’t tried it, make that your next task after deciding your bank.

Tired of all the paperwork and confusion when looking over your savings, investments and retirement accounts? It is so easy to just give up, but it is not the wisest to your pocketbook.

This month is the time to review and simplify your financial accounts. Do you have multiple mutual funds? Most importantly, look at how these funds are invested and how diverse is your portfolio. Is it time to re-balance or consolidate for a wiser, safer balance for your funds?

Do you have accounts at several providers and would consolidating them at one or two companies be wise? The benefits include lower account fees and fewer, less confusing statements (at least you only have to learn to read one style of statement this way .

Take a look at your 401(k)s if you have several previous employers and consider rolling them over into one IRA. Seek advice on the best method to accomplish this rollover to avoid a tax bill.

More WFMW tips here…

Each month we are working on one area of family finances with a goal of having better control after twelve months. This month we are making saving a routine action.

Remember your top goals and the amount needed to accomplish each one? (see last month if you are just joining us) Open an account for each of your goals and make it automatic by signing up for a set amount to be invested monthly.

If your employer offers automatic deposits in your 401(k), sign up now.

When a task becomes routine, it isn’t forgotten and becomes a normal action.

I always have great plans for getting our finances and investing more organized every year – how about you? You make some progress, but not as much as you wanted to, right? So concentrating on one area of family financial issues a month will get more accomplished – so I am hopeful.

January is traditionally for goals, so what would make your life better if you changed three areas involving money?

Now make each one achievable by deciding how much you need to save, invest or pay off to reach your goal.

Decide how you will do this. Do the first step and continue working toward your goal a little at a time. You can do it!

Adapted from a magazine article by Carla Fried.