Beverly B. Media and Communications

Tax Refund: 10 Things To Do & 5 Things Not To Do


iStock_000003655048Small-847x400We are now a month away from the dreaded April 15th tax day, and in preparation of receiving a healthy tax refund here are some ideas of what you should and shouldn’t do with your new found wealth.

Here are ten options for you to use your tax return on.

1. Start (or supplement) an emergency fund. Very few Americans have an adequate emergency fund – that is, a savings account somewhere that contains money that could be used for living expenses for several months in the event of a major crisis, like job loss. Sock the return away in a high interest savings account (like the one from ING Direct) and let it just sit there until disaster strikes. This way, the disaster won’t wreck your finances – you can just go withdraw the money and it’s taken care of.

2. Invest it in a mutual fund. We have a mutual fund going so we can have our dream house at some point in the future. This is a big part of our current reasoning in our house hunt – if we buy a less expensive home now, one we can easily make the 20% down payment on, we can continue to build this fund and eventually buy a much nicer home. This is a perfect option if you have a big long term goal, like a home, that’s far down the road. Click to Read More

Five things not to do with your tax refund:

1. Buy lots of little frivolous things. Quite often, after getting a return, my parents would take the entire family out to dinner a few times. One year, they bought a Nintendo; another year, we got a giant new television when the old one was fine.

4. Loan it to family members. Twice, the entire return was “loaned” to a family member who just simply never repaid the “loan.”

Click to Read More

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This entry was posted on March 16, 2015 by in Money Mondays and tagged , , , , , .

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