We have a lot going on this month that should impact our finances. To start, taxes are due. If you did not know this fact, I hope you are reading this article prior to April 18th. Next, it is Financial Literacy Month. The emphasis is meant to promote the importance of understanding basic financial concepts. Finally and most importantly, the celebration of Jesus’s resurrection occurs on April 9th.
These happenings in April help guide our money moves for the month. Here are five smart money moves to make in April:
1. Seriously, pay your taxes.
We mentioned preparing for and submitting your taxes the past two months. If you have not submitted your taxes yet, now it the time to do it. The deadline for submittal is April 18th this year. Not filing your taxes results in a penalty of 5% of your unpaid balance every month, up to 25%. You are also required to pay interest on the penalty, which is around 7%. If you need to file an extension, go ahead do that now.
2. Do some financial spring cleaning.
Review your past three months’ expenses and see if there is any wasteful spending. Wasteful spending includes expenses that are both non-essential and bring little value to your life. This may include a subscription service you forgot about and do not use. Eliminating these types of expenses can sometimes save you thousands of dollars each year.
3. Don’t waste your tax refund.
If you are receiving a tax refund, don’t waste it. Determine what Money Milestone or other financial goal the refund can help you reach. You can use some of the money on a “fun” purchase, but don’t miss this opportunity to take another step on your financial health journey.
4. Celebrate Financial Literacy Month accordingly.
Increase your financial literacy. Consider picking out a financial book to read this month. If you have not read it yet, The Money Challenge is a great place to start.
5. Reflect Christ’s sacrificial generosity.
According to the Bible, giving is to be sacrificial. Jesus provided the ultimate example of sacrificial generosity. Let his sacrifice guide you in your giving. Take some time to reflect on his sacrifice, and prayerfully consider whether your generosity reflects sacrifice or reflects a giving of leftovers.
Don’t let the month go by without making some smart money moves.