With tax day behind us, May tends to be a quiet month on the financial front. While your accountant enjoys a well-deserved vacation, you can turn your attention to other important financial tasks.

Here's what you should have on your financial to-do list this month:

1. Spend Wisely on Graduation and Wedding Gifts

Important life milestones are almost always celebrated with a gift, and this time of year can be expensive, as graduation and wedding seasons coincide. But spending without first considering what you can afford can lead to outsized generosity—and an unexpected dent in your monthly budget.

There is no one-size-fits-all rule when it comes to gift giving, but a recent survey by the Consumer Reports National Research Center found that Americans spend a median of $69 on a wedding gift. Higher earners spend more: Those with incomes of $80,000 or more spent an average of $96, while those who earn less than $50,000 spent an average of $53. Graduation gift spending is highest among those ages 45 to 54, who spent an average of $120 on gifts for two graduates, according to the National Retail Federation.

Before heading to the store (or the ATM for cash gifts), take a realistic look at your budget. If you only have $40 to spend, then cap it there. It’s possible to find a gift that is both heartfelt and affordable.

2. Watch Out for Tax Refund Scams

Tax scams are a serious problem, accounting for as much as 30 percent of all fraud complaints received by the Better Business Bureau Scam Tracker tool. Although tax scams are an issue year round, you’re especially vulnerable when you are expecting your tax refund. If you waited until tax day to file your return, you should receive your refund in May.

Stay alert for suspicious requests, such as the need to give your Social Security number over the phone or download special software to your computer. If you get a call demanding money for an unpaid tax bill and threatening arrest if you don’t pay, it is likely a scam. Hang up, even if you do owe the IRS money. Follow up by calling the IRS tax help line for individuals at 800-829-1040. Contact the Treasury Inspector General for Tax Administration to report a potential scam, and forward any suspicious emails to phishing@irs.gov.

3. Review Recurring Charges

Small charges can slip through unnoticed, especially if it’s a recurring fee for a service you keep meaning to cancel. But those small fees add up quickly. San Francisco-based Truebill has found that, on average, people spend $512 every year on unwanted subscriptions.

Take a look at your most recent credit card statement and highlight any charges you could eliminate, like the gym you never visit or the beauty delivery box you no longer get excited about. Contact the companies to cancel your subscription—and try your luck at requesting a refund for previous charges as well.

Technology can help streamline this process with free apps like Truebill and Trim. If you’re willing to connect your bank accounts in exchange for the service, you’ll be able to automatically cancel subscriptions and receive refunds where possible.

4. Rebalance Your Retirement Accounts

If it’s been awhile since you last checked your 401(k) statement, you might be surprised by what you find. The stock market has posted double-digit gains over the past few months, resulting in higher account balances all around.

Anytime the market makes big moves, your investments are likely to get out of balance. If you have an investment mix of 70 percent US stocks and 30 percent international stocks, and the US stock market sees a big uptick, you are likely to end up with a new proportion, such as 85 and 15 percent respectively. When that happens, you need to sell some investments and buy others to bring your allocation back to your original mix. Same goes for your proportion of stocks and bonds as well.

When in doubt, ask a financial advisor for help or invest in a target-date mutual fund instead. Target-date mutual funds are widely available and take the guesswork out of rebalancing your portfolio by doing it for you. To choose the right option, project the timeline for your personal goals. If you plan to retire in 25 years, for example, select a target-date mutual fund that focuses on the year 2040 or 2045. This ensures you maintain the right balance of investments based on your expected retirement age. Many investment firms offer target date funds, so make sure to choose a low-fee fund from a well-respected company like Vanguard. 

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 invest in a power washer, install a new deck, or update the siding on your home, you’ll save money if you make those purchases now, rather than in the middle of the summer.

Certain projects, like replacing your deck or repairing your roof, are big undertakings that may require hiring labor as well. Saving money on the materials can go a long way toward stretching your budget. Even if you aren’t quite ready to get to work, you can still measure how much roofing or decking you’ll need, so you can take advantage of the great sales this month, especially around Memorial Day.