Your May Financial To-Do List

May 22, 2023

1. Stop Paying PMI
If you bought your home for less than 20 percent down, you've probably been paying private mortgage insurance (PMI) on your loan, typically an extra 1 percent of the purchase price. If your equity position is now at least 20 percent of the original purchase price, you may not have to pay mortgage insurance anymore. Contact your mortgage servicing company to see whether they can remove the PMI. You may have to pay a few hundred dollars for a new appraisal, but you could save thousands per year.

2. Take Advantage of '529 Day'
The college savings industry has embraced May 29 as "529 Day," an opportunity to remind parents of future college students of the benefits to saving in a tax-advantaged 529 college savings account. Money put into a 529 plan grows tax-free, and you won't pay any taxes on withdrawals used to pay for college. 

3. Dispose of Unneeded Financial Documents
This is a good time to weed out financial documents you no longer need. How long you should wait before disposing of a document varies. Generally, you can throw tax documents after seven years. Also, look into removing documents that are stored on your computer, external drives, and mobile devices.


4. Review Recurring Charges
Small charges can slip through unnoticed, especially if they're recurring fees for a service you keep meaning to cancel. But these small fees add up quickly. Take a look at your most recent credit card statement and highlight any charges you could eliminate. Contact the companies to cancel your subscription—and try your luck at requesting a refund for previous charges as well.

5. Budget for Home Improvement Projects
May is a great time to find deep discounts on materials for the home improvement projects you plan to tackle this summer. Whether you want to install a new deck or replace the front door on your home, you'll save money if you make these purchases now, rather than in the middle of the summer. Even if you aren't quite ready to get to work, you can still determine what materials are needed so you can take advantage of the great sales this month, especially around Memorial Day.

*Brought to you by Catholic Charities Financial & Housing Counseling program:

(320) 650-1664

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When Mary reached out to FHC, she was overwhelmed and worried about losing her home. A devoted wife and mother with a strong career, she never expected that sudden health issues would reduce her income and cause her to fall behind on her mortgage. Missing several payments left her feeling vulnerable and unsure of where to turn. Once her health improved and she returned to full-time work, Mary was determined to regain control of her finances. She partnered with a housing counselor who helped her take a clear look at her household budget, identify areas to reduce expenses, and create a realistic plan to address her debt. During the process, Mary shared heartfelt gratitude with her counselor: “I can’t thank you enough for being my voice when I couldn’t advocate for myself and not judging me for my mishaps. I’m thankful Catholic Charities is part of our community and is a blessing for many.” With renewed confidence, Mary contacted her mortgage company to explore available workout options. Because her illness qualified as a hardship, she was eligible for a partial claim. This option allowed her to resume regular mortgage payments while moving the past-due balance to the end of her loan—giving her the breathing room she needed. Today, Mary feels empowered and more intentional about managing her household finances. She has also brought her husband into the budgeting process, realizing she doesn’t have to shoulder everything alone. This experience has strengthened her confidence and set her family on a path toward long-term financial stability.
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Get your holiday shopping done while supporting a great cause! Catholic Charities is partnering with Barnes & Noble in St. Cloud for a Bookfair on Thursday, December 12, 2025 . A percentage of your purchase will benefit Catholic Charities’ programs—just mention you're shopping to support Catholic Charities at checkout! Shop in-store or online: In-store: Visit Barnes & Noble in St. Cloud on December 12 and let the cashier know you're supporting Catholic Charities. Online: Shop at https://www.bn.com/bookfairs from December 12–16, 2025 and enter Bookfair ID 12695763 at checkout. How to apply the Bookfair ID online: Add items to your cart and proceed to checkout. Scroll to the bottom of the checkout page. Click the plus sign next to “Add Bookfair ID.” Enter 12695763 and click Apply . Everything counts! Books, DVDs, music, vinyl, toys & games, and even Café purchases (except Starbucks-operated locations). Stock up for the holidays and help support Catholic Charities’ vital services in our community. Note: Gift cards, memberships, textbooks, video games, digital content (eBooks), and purchases at Starbucks-owned Cafés are excluded from Bookfair totals. Institutional discounts may not be applied.