Action plan: Tips for managing your money in May

Mother's Day is second only to the winter holidays when it comes to consumer spending.

If you're gearing up to buy jewelry, flowers or a nice dinner, don't spend more because you've procrastinated. In other words, act now.

To help you stay on top of financial matters big and small, here are some of the key dates and money matters to keep an eye on.

May

1: No more paper - Anyone applying for Social Security benefits after May 1 will receive their payments electronically. Those who currently receive paper checks will need to switch to direct deposit by March 1, 2013. To make the switch, go here.

1: Decision day - The deposit deadline for most colleges for incoming freshmen. Don't let senioritis set in.

5: Cinco de Mayo - Typically viewed as an excuse to have a drink, see if you can use the date to put a twist on your savings. Aim to set aside an extra $55 a month, and celebrate your $660 in savings this time next year.

8: Mother's Day - There's not much time left. Start searching the Internet if you need some last-minute gift suggestions.

30: Memorial Day - Break out the BBQ! If you're looking to buy a gas grill, Consumer Reports offers a helpful guide.

Also keep in mind:

- Campus visits: Plan a summer tour of college campuses for your high school sophomore or junior.

- Stay cool. If your air conditioner limped to the finish line last summer, consider whether it needs a tune-up or start looking for a new energy-efficient model.

- Where's my tax refund? You can check the status of your refund on the IRS website.