The beginning of any new year is a time for resolutions, like eating well, exercising, and flossing regularly. It is also a good time to think strategically about your financial life and, if necessary, resolve to implement a seasonal planning process that could make you “financially fit” by year end. A good place to start is with your investment plans, which should be defined in writing, and include information about your risk tolerance, time horizon, personal goals and return expectations. A formal policy statement should be created that guides initial investment decisions, and provides the framework for the on-going management of your assets.

The annual “March Madness” of tax compliance is unavoidable, but it is also a good time to do some related planning. For example, it might be a good year to exercise some non-qualified stock options if you plan to hold the stock, and thereby convert any future appreciation from ordinary income into capital gains—if held at least 12 months. Since most tax issues are personal, they require careful individual planning and you should have an in-depth discussion with your tax advisor.

Spring is a time for renewal and hope, but financial risks remain, so make sure insurance coverage is appropriate and adequate. Determine if life insurance is needed and structure it to cover survivor expenses and not necessarily to replace income. Except for estate liquidity needs, consider coverage only for the period during which you would have otherwise provided for dependents. Unless you still enjoy skydiving, disability is probably a greater risk, and group policies are typically the best, and cheapest, coverage—though supplemental coverage might be needed. Long-term care insurance depends on personal circumstances including health, family history, and financial resources. On the home front, insurance companies used to guarantee full replacement, even if rebuilding costs exceeded original policy amounts; but payouts are now usually limited to specified values, so make sure that they are sufficient. Additional premium discounts can usually result by combining auto and homeowners policies with the same insurer. Don’t forget personal liability—or umbrella—insurance, which offers extra protection for your assets if, for example, someone slips on your front doorstep.

As you celebrate Independence Day, feel “free” to think about your own freedom from work, but resist the temptation for summer daydreaming. Be realistic about your retirement plans and carefully consider different possible outcomes based on current portfolio values, estimated expenses, and other assumptions like expected returns. Monte Carlo analysis, which mathematically simulates thousands of possible scenarios, is especially helpful with cash flow calculations.

In the fall as school begins, examine 529 Plans and their potential for tax-free compounding and qualified withdrawals, which could make them attractive for college planning. They also offer estate planning opportunities to get assets out of your estate but still retain some control over them. As the days grow shorter, think about other estate plans. A simple will is a must and easy to implement. Various trusts exist for many reasons, including protection of privacy, avoidance of taxes, and philanthropy. Verify existing documents that might need to be updated and revised because of recent tax law changes or personal changes like new offspring.

By Thanksgiving, you might feel charitable and yet reluctant to make significant commitments to specific causes. If so, consider donor-advised funds, which allow current year deductions but delayed grant making. You can also give $14,000 to anyone without tax consequences. As the year ends, make any tactical moves like deferring income or accelerating deductions; however, consider doing the reverse if you are subject to alternative minimum tax (AMT) or expect to make more money next year. Determine how 2014 looks versus 2015 and beyond, and strive to achieve the lowest tax burden over multiple years. Tactical decisions depend on the calendar, but they ought to be considered in advance and simply implemented “at the last minute.” This is what planning is all about, and it should enable you to have “peace of mind” at a time of year when you should be thinking about “peace on Earth.”