Can you believe that it’s already May?! This year is flying by! I’m a firm believer that as we approach summer, we tend to go on “auto-pilot” and ignore our money altogether. But I want us to change that this year and be more proactive in managing our money. So, I’m doing my best to send a list of possible goals to achieve every month.
Please note that you don’t have to achieve all of these goals. Some goals will be more relevant to you than others. Please treat this list of goal ideas as just that—ideas. You don’t have to do them all or any of them, but I encourage you to make your own list of goals to achieve this month and then make a way to “check in” with your goals.
You can use trackers (like the ones my friend Heidi creates), a spreadsheet, the notes app on your phone, or any cool kid apps available.
So here are seven possible goals for May:
🌸 1. Review & Refresh Your Budget
Take a fresh look at your current budget. Adjust for any seasonal changes (like summer camps, vacations, or higher utility bills) and reallocate funds as needed. And if you don’t already use Sinking Funds, might I suggest trying them? They can help you plan for things like summertime fun and even big expenses like vacations.
💳 2. Check Your Credit Reports
With free annual access to all three bureaus via AnnualCreditReport.com, May is a great time to pull your reports, look for errors, and monitor identity theft. You can also check your credit score for free from MyFICO and keep track of what’s currently happening with your credit. I’m a huge fan of freezing your credit and then “thawing” it when needed. Knowing that your information isn’t being sold on the dark web gives you a lot of peace of mind.
📉 3. Cut One Recurring Expense
Scan your recent transactions for subscriptions or automatic payments you no longer use or need. Cancel at least one and redirect those funds to savings or debt payoff.
🏦 4. Boost Your Emergency Fund
Add a specific amount—like $100 or more—to your emergency fund this month. Even small deposits add up and can increase your financial peace of mind. This is especially important if you’re worried about a recession or job loss. I highly recommend you make this a priority before any of your other savings or debt payoff. Your Emergency Fund is your safety net against life.
📆 5. Set One SMART Goal
Pick a specific, measurable, achievable, relevant, and time-bound goal for May, such as “Save $250 for summer travel” or “Pay off $150 on my credit card.” Give your money purpose.
📈 6. Increase Your Retirement Contribution
If you haven’t adjusted your retirement contributions in a while, consider increasing them by 1%. Small increases now can yield big returns later.
🧾 7. Complete a “Bank Account Audit.”
Go through the last 30 days of transactions. Highlight unnecessary spending, spot trends, and use the insights to make better choices in May.
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