By  Posted on Mon May 5, 2014

5 Money Moves to Make — May 2014

 
5 Money Moves to Make    May 2014

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Spring is in full swing, but are your finances blooming? With summer right around the corner, May is the perfect time to take stock of your finances and make money moves that will reinvigorate your bank accounts. Enjoy the sunshine and set yourself up for a cool summertime by following our advice.

Buy flood insurance

Hurricane season officially starts June 1, but the tropical cyclones can form as early as May. Citizens living along the coast — on the U.S. Atlantic Seaboard, around the Gulf of Mexico — are particularly vulnerable. According to FloodSmart.gov, flood insurance can only be purchased through an insurance agent; you cannot buy it directly from the federal government. There’s typically a 30-day waiting period from the date of purchase before your flood insurance policy goes into effect, so if you’re interested in getting coverage, better get moving.

Spend wisely on Mother’s Day

Don’t forget: Mother’s Day is Sunday, May 11. Plenty of people consider Mother’s Day to be an overly commercialized holiday, but it doesn’t have to be. You don’t have to buy your mom an expensive gift for Mother’s Day, but you should put some thought into any present you might give her. Cook your mom a meal, find out if her local spa or favorite restaurant is offering a discount, or just spend some quality time together.

Take advantage of Memorial Day deals

The temperature is heating up — and so are the sales! Memorial Day weekend typically offers some of the best promotions since the start of the year. So keep an eye out for store deals, clip coupons for extra savings, and hold off on buying things like home goods or apparel. In particular, spring clothes will start to go on sale because retailers will want to make shelf space for summer apparel. One brand that you might want to hold off on purchasing this month: Apple products. The Apple Worldwide Developers Conference will be held on June 2-6 in San Francisco, and the tech giant might debut new products, which means older models will see a reduction in price.

Buy a refrigerator

Most big appliances will not be on sale until later in the year — with refrigerators being an exception. New refrigerator models are typically released in June, which means that May is a great time to buy one for a discount. Before you make a purchase, be sure to consider the amount of space you’ll need, the capacity of the unit, and most importantly your budget. You might want to hold off on buying a new fridge until Memorial Day weekend, when prices could be slashed even further.

Celebrate 529 Day

On May 29 (5/29) states will celebrate 529 College Savings Day [Related: 529 Savings Glossary Terms]. States have planned various promotions to promote the education savings plan, which is designed to help families set aside money for future college costs. In Florida, you can win a $529 scholarship, in Iowa you can win $5,290, while Ohio is planning to give away more than $10,000 in college savings awards. You can find out what promotions or giveaways your state is planning by heading over to CollegeSavings.org.

Related Stories:

8 Valuable Money Habits to Implement This Year

8 Questions to Ask Before Starting a 529 Savings Plan

Mother’s Day Gifts for Under $20

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