Have a look at the below given sections to know about the 5 financial tips for the last week of April 2013.

Tip no 1: Itemize your tax deductions to maximize your tax refunds.

If you don't itemize your tax deductions, then you won't be able to maximize your tax refunds. It is as simple as that. It is true that standard deductions do help you reduce your taxable income. However, it is equally true that you can get a bigger tax refund by itemizing the deductions.

There is yet another significant benefit of itemizing your deductions. You can know where you're spending money every month. This will help you get a glimpse of your financial health. Once you get an idea about how much you're spending on different items, you can control your expenses and save money.

Tip no 2: Generosity is rewarding. Charitable donations are tax deductible.

You can save a substantial amount on your taxes by making contributions to charitable organizations. You can qualify for deductions only for he contributions made to qualified organizations. You can know about the charitable organizations in details from the official website of the IRS. Just go the section "Exempt Organizations Select Check" section of the IRS website. This will help you know if you’ve made contribution to a recognized charitable organization.

If you’ve received any benefit for contributing a certain amount to the charitable organization, then you're required to deduct the amount that is more than the market price of the benefit received.

Tip no 3: Invest in indexed certificate of deposit. They are inflation proof.

The federal government usually insures indexed certificate of deposits. These certificates of deposits give protection to the investors against inflation. You can be assured of getting back the principal amount unless you make an early withdrawal. You may have to pay a penalty for withdrawing a certain amount prior to the maturity date. It is slightly tough to buy these certificates. However, you can easily buy these certificates of deposits from stockbrokers and financial planners.

Tip no 4: Keep your money safe in a FDIC insured bank.

Federal Deposit Insurance Corporation or FDIC is an autonomous agency in the country. If you keep your money in a FDIC insured bank, then the organization will safeguard you against the loss of your deposits. This means if your money is lost and the FDIC insured bank is unable to return your money, then the independent government agency will take steps to refund your money up to a certain limit. Statistics reveal that none of the FDIC insured banks have lost their money till date.

FDIC offers protections to the following types of accounts:

• Savings account
• Checking account
• Money market account
• Certificates of deposits

Tip no 5: If bank charges are robbing you blind, shift to credit unions for better rates and lower fees.

Credit unions are fighting with the banks to lure new customers. If you’re tired of paying high fees to your banker, then start searching for a good credit union in your city or town. Credit unions charge lower interest rates on the loans than the banks. So, once you become a member of a credit union, you can easily obtain money and pay less on the interest rate. This in turn will help you save money.

If you make a comparative analysis between the fees charged by the banks and the credit unions, then you'll see that the latter charges less amount on different kinds of fees.