May 2024 Financial Checklist

Mother and daughter on mother's day

It’s May! As we quickly approach the middle of the year (where has the time gone?!), now’s an excellent opportunity to review our financial goals for the rest of the year.

So, from Mother’s Day to tax time prep, your favourite Financial Checklist is here to get you through all that May 2024 is set to bring.

1. Celebrate Mother’s Day without breaking the bank

With Mother’s Day coming up on Sunday, the 14th of May, 2024, you might be scratching your head about what to get for Mum. Just remember that you can spoil Mum and make her feel special without breaking the bank.

From handmade gifts and cards to a picnic in the park or a beautiful home-cooked meal, there are plenty of budget-friendly ways to celebrate the special mother figures in your life.

2. Get tax time ready

The early bird gets the worm! With the end of the financial year drawing near, start gathering all the necessary papers and documents you’ll need for tax time.

Round up your income statements and receipts for any relevant (and eligible!) tax deduction items. The more organised you are now, the quicker you’ll be able to send off your tax return.

3. Do a 2024 money goals check-in

The middle of the year is a great time to revise your budget to ensure you’re still on track to achieving your 2024 financial goals.

Take a close look at your current budget and spending patterns to see where most of your money goes each month. This will help you identify any problem areas that need addressing. It could also be helpful to download a handy budgeting and savings app to help track your spending.

4. Get more bang for your savings buck

While you’re busy reviewing your spending habits and financial goals, it might also be wise to review your savings account interest rate to see whether you’re getting the most bang for your buck in interest. 

Run a quick high-interest savings account comparison on Mozo to see how your account stacks up against competitor accounts. You can also use Mozo’s savings calculator to see how far your savings could go in a new savings account to help decide whether you should make the switch.

5. Do a financial inventory check this Taurus season

Happy birthday, Taurus! According to the stars, our Taurus pals might expect more financial stability and growth in 2024. You might even attract new opportunities to advance in your career, Taurus. 

Should a shiny new promotion or pay rise come your way, you should run a quick inventory check on your finances, Taurus. Crunch the numbers to see how much you’ll be able to increase your regular savings contribution amount by.

Well, that’s another Financial Checklist all done and dusted, folks! We’ll see you back here next month for your June 2024 checklist. Until then, feel free to check out our life and money hub.