May is a great month to review your personal finances. This is especially relevant in 2021 because due to IRS changes, the new deadline for submitting your taxes is May 17th
National Financial Literacy was celebrated throughout the month of April and provided many resources and strategies to manage your finances.
Now is the time to apply those financial strategies to your own situation.
May is also a good time to update important information. Have you recently reviewed your designated beneficiary on your life insurance policies and retirement accounts? Not having the person or persons designated whom you currently wish to benefit can prove to be an unfortunate and costly mistake.
Additional information to update in your personal records (for yourself to have handy and your loved ones) are your home and auto insurance policies. Have you purchased a new car, added drivers to your auto policy, moved or received a new Medicare card? These are all changes that require updating your insurance information.
As many people begin tending to their lawns in the spring, it is also a good month to weed out financial documents you no longer need.
If you don’t have a shredder or you have too many financial documents to get rid of yourself the UPS store offers shredding services. You can also check with your local municipality to see when free shredding events are scheduled.
Also, look into removing documents that are stored on your computer, external drives, and other devices.
Lastly, remember to keep your financial information safe from identity theft and fraud with these guidelines from the IRS.
After “spring cleaning” your finances, take time to relax and savor a job well done!