3 Financial Dates and Deadlines in May 2023

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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 2023. Take a look and mark your calendar with any dates that apply to you.

May 1 — New Series I savings bond rates announced

The U.S. Department of the Treasury announced new rates on Series I savings bonds on the first business day in May (as happens every May and November).

The variable rate, which is tied to inflation, fell from 6.48% to 3.38%, while the fixed rate increased from 0.4% to 0.9%. This means I bonds are now offering a total return (composite rate) of 4.3%.

To learn more about I bonds, check out “7 Things You Should Know Before Investing in I Bonds.”

May 2-3 — FOMC meeting

The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year, and we usually exclude those meetings from our Money Calendar series. But they are a hot topic these days, given relatively high inflation and the looming possibility of a recession.

The FOMC is expected to vote on the afternoon of May 3 to raise its target range for the federal funds rate. Any change to the federal funds rate can affect everything from your savings account yield to your credit card interest.

To learn more about what this means for you, check out “What Is ‘the Fed’ — and Why Should You Care?

May 27-29 — 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’ 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.

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