It’s Tax Time

If You’re Getting A Refund, Spend It Wisely.

This year’s deadline is Monday, April 15, 2019. And with the new tax laws, Business Insider reports that many taxpayers could see a larger return. (UBS analysts estimate an increase in overall tax refunds between $42 billion and $66 billion compared to the 2017 tax year.) Business Insider also reports that married couples with children may enjoy bigger returns.

If you find yourself on the receiving end this year, be sure to spend your refund wisely!

Stacy Johnson, author and founder of Money Talks News (, provides a unique viewpoint – and offers some excellent ideas on what to spend your refund on. She recommends that you carefully consider how you’re going to use the money – but not to view it as an unexpected treat.

Excellent Ideas:

    • Creating an emergency fund
    • Starting a business
    • Saving for retirement or college
    • Paying down debt
    • Making a life memory – such as a dream vacation

Poor Ideas:

    • Spending it frivolously, rather than paying down debt or making a life memory
    • Using it to sustain an unsustainable lifestyle
    • Using it to create more debt

The importance of an emergency fund.

With the recent government shutdown, you may have realized how important it is to save for the unexpected. Building an emergency fund is a way to stay financially strong. And it gives you greater control over your finances – you eliminate the worry of living paycheck to paycheck, bills stay current, late fees avoided, and anxiety reduced!

How much should you save?

Try saving enough to cover three months of living expenses. The amount should cover your car and credit card payments, rent or mortgage, utilities, and, and help ensure you can buy food, fuel, and other essentials for 90 days.

Consider these tools to help you save:

  • Direct Deposit & Payroll Deduction
  • Money Market Accounts & CDs
  • Rewards Checking
  • Online Bill Pay
  • Mobile Banking & Remote Deposit Capture