You went through the painful process of getting your taxes done on time.. NOW WHAT? You wait a couple weeks for that anticipated tax refund.. You finally receive it but do not know how to prioritize it. Here are a couple smart ideas on how to spend that money!
SPEND IT WISELY!
- Put away a certain amount of money to increase your Emergency Fund! You never know what might come up in life and that emergency fund might just bail you out of money trouble.
- Utilize your money to pay off High Interest Debt! Pay off all those credit cards, car loans or student loans.
- Are you having car trouble? Do you need a new work shoes? Have you put off important things such as dental work? You need to take care of these essentials and your refund may be able to cover the cost.
- Make those Home Improvements you have been putting off! At the end of the day there is no place like home so take care of it!
- Don’t be afraid to splurge and grant you and your family that vacation you have been waiting to take for years. After all you earned it!
- Start your own business. Roll the money into things you could use to start a side business. Not only will you be able to deduct that money next year, but you’ll also lay the foundation for another income stream.
- Buy some good karma and Donate to Charitable causes.
- Consider to brush up on your current insurance policy and maybe even increase or add coverages and pay in advance for your premium!
- Consider Buying Flood Insurance or Increasing Liability Coverage with less than 1,000 you can purchase flood insurance from the National Flood Insurance Program if you live in a low to medium risk area. For under $500, you can buy an umbrella liability policy with $1 million in coverage beyond the limits of your car or homeowner’s insurance. Sometimes good money management means addressing the painful “what if” questions.
Manage the majority of your tax refund for better results!