Preparing for Memorial Day: Market Closures and Summer Planning

As Memorial Day approaches, it’s time to honor those who have served, enjoy the unofficial start of summer, and take a moment to review your financial well-being. Here’s what you need to know about market closures during the holiday and some timely tips for a summer financial checkup.

Memorial Day Market Closures

Memorial Day 2025 falls on Monday, May 26. In observance of this federal holiday:

• Stock Markets: The New York Stock Exchange (NYSE), Nasdaq, and U.S. bond markets will be closed for the entire day. Trading will resume on Tuesday, May 27, at 9:30 a.m. ET.

• Early Closure: Before the long weekend, markets will close early at 1 p.m. ET on Friday, May 23.

• Other Closures: Banks and post offices will also be closed on Memorial Day. Most grocery stores will remain open, though hours may vary by location.

Understanding the significance of these market closures is crucial, as they mark one of several throughout the year. These closures can affect your investment strategies and banking transactions. This knowledge will empower you to plan any trades or banking needs accordingly, ensuring you are always one step ahead in your financial journey.

Summer Financial Checkup: Key Steps

Summer is not just for vacations and barbecues—it’s also an ideal time to review your finances and set yourself up for the rest of the year. This proactive approach to your finances will leave you feeling responsible and in control. Here are some expert-recommended steps:

Review and Adjust Your Budget

Revisit the budget you set at the start of the year. Make sure it still fits your lifestyle and accounts for inflation or changes in expenses. Use your bank or credit card’s spending breakdown tools to identify areas where you can cut back or redirect funds. This review will leave you with a sense of accomplishment and control over your finances.

Build or Replenish Your Emergency Fund

Aim to set aside three to six months’ worth of living expenses. Even small, regular contributions can make a difference over time.

Check Your Credit Report

Access your free annual credit reports from the major agencies (Equifax, Experian, TransUnion) at www.annualcreditreport.com. Please review them for accuracy and address any discrepancies.

Tackle Debt Strategically

Analyze your debts and interest rates. Create a repayment plan that prioritizes high-interest balances and stick with it.

Revisit Short- and Long-Term Goals

Evaluate your progress toward goals like saving for retirement, a home, or education. Adjust your contributions if necessary.

Seek Out Tax Savings

Midyear is a good time to review your tax situation. By increasing contributions to tax-advantaged accounts like IRAs or HSAs, you can reduce your taxable income and potentially increase your tax refund. Consider consulting with a tax professional for additional strategies that can help you save on taxes.

Plan for Summer Spending

Take stock of your paid time off and plan vacations within your means. Look for employer discounts and avoid overspending on travel or entertainment.

Final Thoughts

Memorial Day is a time to pause and remember and a practical checkpoint for your finances. With markets closed and routines shifting for summer, take advantage of the slower pace to review your budget, shore up your savings, and set new goals. This proactive approach will help ensure a more relaxing and financially secure summer, leaving you feeling organized and in control.

Disclosure

This article is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. The information herein is not intended to be, and should not be relied upon as, financial, legal, or tax advice. Readers should consult with their own financial advisors or other professionals regarding their individual circumstances. The content is based on publicly available information and believed to be accurate at the time of publication, but no warranty is made as to its accuracy or completeness. Any references to market closures, financial planning, or investment strategies are general in nature and may not apply to every individual’s situation. Past performance is not indicative of future results. The author and publisher are not registered investment advisors and do not have any conflicts of interest related to the content of this article.

This material is not intended to serve as personalized tax, legal and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Duncan Williams Asset Management is not a legal or accounting firm. Please consult with your legal or tax professional regarding your specific tax situation when determining if any of the mentioned strategies are right for you.

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