7 Ways To Use Your Tax Refund

If you have not filed your taxes just yet you better get to it! Deadline for filing without them being late is April 15th. For those who had to pay I am sorry it happens to us all at some point. 😦 For those with the extra cash coming back our blog today will give you a few ideas on what you can do with that money! Brought to you by the Personal Money Management Center! Remember it is your money coming back so do what you would like with it but here is what we recommend for you:

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1) Create an emergancy fund:

  • This way you will have extra money for when your car needs maintenance or when you might fall short on the bills. An emergency fund is a security that is there for when you need it and helps keep you away from having to put large amounts on credit cards.

2) Pay past due expenses:

  • It may be last month’s rent, left over bills from Christmas or even last year’s vacation. Now is a great time to finish up those payments with your refund so you can start directing your money for other things rather than those past due expenses.

3)Reduce student loan or credit card debt:

  • If you are like me and have a student loan waiting to be paid for, you can make some extra payments to get your debt amount down or use it all for one big payment. Or maybe that Visa credit card debt is higher than you’d like, so get it back to zero and free yourself of the constant stress from debt.

4) Save for a major purchase:

  • Maybe it’s that car you have been looking at for months, that trip to Hawaii or a new flat screen TV. Use your refund to help you get what you have been reaching for.

5) Invest in a ROTH IRA:

  • Who said it’s too early to start thinking about your future? Saving in a ROTH IRA can benefit you enormously and give you a head start towards your dream of retirement.

6) Save for a home or pa down home mortgage:

  • If you are still living with your parents or in a house of your own, but still want an upgrade, use your refund to help get you save for a new place.

7) Save for a child’s education:

  • You may not have a child now or maybe just a little one, but one day, you’re going to want to send them to college, aren’t you? Cost of schooling is only going to go up from here.  It is never too early to start investing in your children.

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