Real Estate Blog
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Top 10 Ways to Use Your Tax Refund
- Pay down that credit card debt! Make a list of your credit card debts from smallest to largest. Pay off the smaller amounts in full, or pick the cards with the highest rates to pay down.
- “Right Size” your mortgage. Pay down your mortgage to a level that is in keeping with your home’s value in today’s market
- Create a cash cushion. Be prepared for the worst by thinking ahead. Start small by creating a “cash buffer” of $1,000 then build it up.
- Fund your IRA. Contributing to a traditional or Roth IRA is a great way to invest in yourself and your retirement.
- Have a life insurance plan. An estimated 25 million Americans do not have a life insurance policy – especially women. Even if you are a stay at home mom, you should get a policy that helps cover the cost of your family should something happen to you.
- Get a will. No one likes to talk about wills, but they are absolutely essential. If you can’t afford attorney fees check out Legalzoom.com or BuildaWill.com.
- Invest in Professional Development. Take a course or attend a conference that will help advance your career.
- Make a charitable contribution. Not only will you be helping a worthy cause, you will lower your tax bill for next year.
- Don’t withhold as much. As fun as it is to receive a big refund check every year, try to maximize your monthly cash flow. That extra cash can help you reduce your debt or increase your savings.
- Have some fun. Reward yourself for paying down your debt and building up your cash cushion by treating yourself to a nice dinner or buying that pair of shoes you had your eye on.
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