The Money Moves You Should Make in May #AFmonthlyMoneyMoves
With the extended winter chill finally behind us, we are finally able to head outdoors and take advantage of sunnier skies and brand-new blossoms. But just like your spring flowers need a little nurturing this time of year, so do your finances. That's why we've compiled five to-dos for you to tackle in the month of May.
Some you'll likely complete in just five minutes, while others might require a little more of your free time, but all will help to set you up for financial progress. Try your hand at these timely spring tasks:
Check in on Your Goals
Can you believe it's been four months since you pinned down your New Year's resolution? We hope that's given you time to make progress on your dreams—whether that's paying off the last few thousand off your student loans or socking away enough cash for a first home. But if you've encountered some bumps along the way, don't worry—now's the time to reassess. Losing steam after months of hard work? Try some of these money moves.
Pull a Copy of Your Credit Report
It's almost that time of year when students anxiously await their end-of-year report cards before taking off for the summer. While you may not be in school anymore, it's still a prime time to check a report card of your own: your credit report. This basic rundown of your financial life documents everything from your credit card payments (and if they're on time … or not) to your mortgage. You can pull it for free once a year from each of the three major credit bureaus (Equifax, TransUnion and Experian) to review the details and ensure that no errors have creeped up from the last time you looked. Spot something fishy? Sign up for our Amount Financial Credit Repair program, and get back on track quickly.
Research Whether Your Child Qualifies for Scholarships
If the end of another school year means your child is nearing high school graduation, it's time to focus on your next hurdle: college tuition. Set aside an hour or so to research financial aid opportunities, like the College Board's Scholarship Search, which provides details on more than 2,200 programs. Last year, roughly 2 million students missed out on government grants—simply because they didn't apply. Make sure you're not one of them by learning the ins and outs of financial aid now.
Check Your Credit Score
If your credit report is like a report card for grown-ups, then your credit score is your GPA. Graded on a scale of 300 to 850, this three-digit number helps determine the interest rates on loans you apply for—and a higher one could mean big savings on interest payments over the life of the loan.Start taking control of yours by reviewing your score for free on CreditKarma. Look Into Starting a Side Gig
At Amount Financial, we've dedicated this month to helping you grow your income. Stay tuned for thematic stories throughout the next few weeks—everything from mastering the art of a counteroffer to how one man holds down a lucrative, part-time side gig on top of his 9-to-5. Once you've soaked up some inspiration, we'd like you to tackle this to-do: Research how you might bump up your income this year. Could you bring in extra cash using an existing skill? Or have you always been itching to try your hand at a side business? Well, now's the time—and this month, we'll help you get there.