If you’ve repeated the same financial mistakes several years in a row, February offers a timely opportunity to reset. Take intentional steps now to build momentum and create stronger financial habits that last. We’ve developed this action plan for you to follow in the month of February.

Assess your investment portfolio

Your investment strategy plays a major role in long-term wealth building, but market changes can gradually shift your portfolio away from its original targets. Now is a good time of year to rebalance holdings to maintain the appropriate mix of equities, fixed income, and other assets. Then, decide whether your investments still support your current goals and if they perform well in today’s market environment. Reviewing performance, fees and other alternatives to determine if you need to adjust your investments for more efficient returns.

Revisit your risk tolerance

Your comfort with financial risk can evolve as life changes. Major milestones can reshape priorities. If you’ve recently married, you’re growing a family or you’re ready to retire, take time to reflect on how much market fluctuation you’re comfortable with in pursuit of growth. Does your current portfolio accurately reflect that comfort level? If not, it’s probably time for you to meet with an advisory to make sure your risk approach fits your current financial situation.

Update your estate plan

A current estate plan lends peace of mind to you and your loved ones. Regardless of how well you may have everything documented, it’s a good idea to review beneficiary designations on retirement accounts and insurance policies, guardianship instructions for minor children, wills, trusts and powers of attorney, and any updates in federal or state laws that could affect your plan.

Review your insurance coverage

Insurance helps protect what you’ve worked so hard to build, and coverage may need to change over time. Run through the details of your  life, health, disability, long-term care, home and auto insurance policies to make sure they’re adequate. Check the policies’ premiums and deductibles to identify areas where you could spend less, and determine if any assets require additional coverage.

Make the most of tax advantages

The first part of the year is a good time to reinforce your tax plan. Are you on pace to maximize retirement account contribution limits? Do you need to increase the balances in your Health Saving Account (HSA) or Flexible Spending Account (FSA)? What about eligibility for available tax credits or deductions? Check with your advisor to make sure you haven’t missed anything new that may not have been an option for you in the past. Adjust your payroll withholdings to avoid an unpleasant surprise at tax time.

Take stock of your debt

Debt can be a detriment to financial progress if it’s left unchecked. List all outstanding balances, including credit cards, mortgages, and loans. Compare interest rates and explore refinancing opportunities where they’re applicable. Confirm that you’re paying off your higher-interest obligations ahead of any other debt you may have.

Evaluate retirement readiness

No matter how far away retirement may be, understanding your trajectory is essential. Estimate future retirement income and expenses, adjust savings contributions if you need to and review investment diversification based on the timeline for your intended retirement.

Keep the conversation going with family

Clear communication around finances fosters alignment and reduces stress among family members affected by your finances. Prioritize conversations about financial goals with your spouse, partner or family. Involve their opinions by discussing budgeting, education savings and any shared financial responsibilities you may have. Plan a recurring family night to check in with each other, so your plans stay aligned as they evolve.

New year, new approach

Addressing your financial priorities now can help you avoid making similar mistakes in the years to come. Each step you take strengthens your foundation and propels you further along your financial-goal path. Give your finances a little love in February, and enjoy the benefits that early-year planning can offer to your financial progress.