April is over, and hopefully you have filed your tax return and accomplished other goals on your financial checklist. If not, you can always go back and do some of the items you might have missed. But May is a new month, and so you have some new items for your financial checklist. Here are 5 financial activities that can help you put your finances in order for May:
- Shop the seasonal sales: One of the best ways to save money on items you buy on a regular basis is to make a list of seasonal items that you can buy at certain times of the year. For the month of May, consider buying small electronics, lawn mowers, athletic clothing and shoes.
- Plan a yard sale: Do your spring cleaning and decide which items you want to get rid of. You can plan a yard sale on your own, or get your neighbors involved. This is a good way to get a little extra cash, while de-cluttering your life.
- Look over your estate plan: It’s never fun to think about being incapacitated, or considering your own death. However, it is an essential part of financial literacy. You need to make sure that everything is up to date, from health proxy to power of attorney to your essential contacts. Make sure that any trusts, wills and other related documents are updated and current. If you don’t have a plan, now is good time to start thinking about getting one put together.
- Look for your tax refund: Now that tax season is over, it’s a great time to be on the look out for your tax refund. If you e-filed, and asked for direct deposit, you should be seeing it soon. You can check on your refund at IRS.gov (click on the Where’s My Refund? button). Think about what you will spend your tax refund on, and do your best to avoid wasting your refund on useless items.
- Get organized for next year’s taxes: You really should be preparing for taxes year round. Create a file that can hold tax documents and relevant receipts. Set up your personal finance software so that it can help you keep track of items that are tax deductible.
If you take the time to be organized in your finances, you will find greater peace of mind, and be on the road to financial freedom. If you are just getting started with financial organization, consider checking out this post on financially fit things to do in January. It offers a great place to start with your finances.