Amanda H. Christensen, AFC
Extension Associate Professor, UMM Blog Editor
Oh, how I LOVE spring time! I love how the extension of daylight changes my daily routine and makes it easier for me to enjoy early mornings, warmer evenings, and the sights and sounds of new life! In light of this feeling of new beginning I’m sharing five money moves to make this month that will put a spring into your financial steps and reap rewards in the coming months and years.
Let's dive in...
The First? File taxes (IRS extended the deadline to May 17th) and organize current 2021 tax documentation to-date. Owing and paying taxes is never as exciting as getting a refund. If you’ve waited to avoid paying as long as possible, it’s time to take the plunge! Don’t worry, not all of these tips are financial “chores”.
Second. Speaking of taxes, did you know there’s still time to reduce your 2020 taxable income? Along with extending the filing deadline, the deadline for filers to make any IRA or HSA contributions that will reduce 2020 taxable income was also extended to May 17. If you haven’t already maxed out your $6,000 IRA contribution ($7,000 if you’re over 50) do that now!
Third. Solidify summer travel plans. Woot woot! Don’t have to tell me twice! This is one of our May 2021 Personal Finance Calendar action items! If you have vacation savings and you’re looking to go somewhere that requires a flight and/or rental car, book now! With many folks thinking it’s time to get out and go, vehicle and flight availably may be sparse. Be sure to take advantage of flexible refund policies, free upgrades and bonus miles if applicable!
Fourth. May 29th is National 529 College Savings Day (5/29, get it?) Many states, including Utah, sponsor these tax-advantaged 529 plans so check to see if your state is offering any special bonuses for enrolling this month. Check out this post all about Utah’s My529 Plan!
Fifth. Prepare financially to return to in-person work. If you haven’t already, start to consider childcare, transportation, food, and other applicable costs associated with returning to the office.
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Adapted from 5 Essential Money Moves for May, Kenadi Silox, Money Magazine.
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