Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our “Money Calendar” series.
In this edition, we’ve rounded up the noteworthy money dates in May 2022. Take a look and mark your calendar with any dates that apply to you.
New Series I savings bond rates announced — May 2
The U.S. Department of the Treasury will announce new rates on Series I savings bonds on the first business day in May. This happens every May and November, but this time around, it’s huge news because the return is expected to be a record-breaking 9.62%. That’s because the return on these bonds is tied in part to inflation.
To learn more about I bonds, check out our latest article.
FOMC meeting — May 3-4
The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year, and we have included those meetings in our Money Calendar series only once before, in March. They are a hot topic now, given inflation’s continued climb.
The FOMC is expected to vote on May 4 to raise its benchmark federal funds rate, which can affect everything from your savings account yield to your credit card interest. In fact, Federal Reserve Chair Jerome Powell recently said that an increase of one-half of a percentage point, as opposed to another quarter-point hike like the Fed made in March, “will be on the table for the May meeting.”
Regardless of the amount of the increase, it would be the committee’s second rate hike this year — but is hardly expected to be its last of 2022.
In other words, the outcome of the next FOMC meeting — if not also the direction of the federal funds rate for the remainder of this year — is a near certainty. And knowing that in advance means you can prepare for the presumed additional hikes. To get started, check out:
- “8 Ways Higher Interest Rates Could Affect You This Year”
- “Here’s What the Fed Rate Hike Means for Your Retirement”
May 28-30 — Texas Energy Star Sales Tax Holiday
Just as some states offer back-to-school sales tax holidays, during which they waive sales taxes on purchases like school supplies, some states offer Energy Star tax holidays. During these periods, sales taxes are waived for products that have earned the federal Energy Star certification for their efficiency.
Texas’ 2022 Energy Star Sales Tax Holiday falls on Memorial Day weekend. Lists of products that do and do not qualify for the tax break are available on the Texas comptroller’s website.