Smart Ways To Make The Most Of Your Money
The tax filing deadline is Wednesday, April 15, 2020. If you find yourself getting a refund, we’d like to help you put a plan in place. Consider these ideas shared by Stacy Johnson, author and founder of Money Talks News (www.moneytalksnews.com). He provides insights on some of the sensible (and not-so-sensible) ways to spend your tax refund.
- Deposit into an emergency fund
- Start a business
- Save for retirement
- Contribute to an IRA
- Pay down debt
- Take a dream vacation
- Go on a spending spree on trivial items
- Use it to promote a lifestyle you can’t afford
- Generate more debt
Don’t underestimate the importance of having an emergency fund.
Experts recommend having three to six months of living expenses in accessible savings. You’ll gain peace of mind and won’t have to worry about how you’ll pay your bills. Tools like direct deposit and payroll deduction will help you to save consistently. Remember the motto, “Pay yourself first.” And if you’re receiving a tax refund, it’s a perfect opportunity to bolster (or start) your emergency fund.