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How to “Spend” Your Tax Refund

March 03, 2016 at 12:00 AM

Spring is a dangerous time of year for your financial security. I know so many of you will be getting a tax refund; some of you may be getting money back from both Uncle Sam and your state. The danger is that you blow the money on a want, rather than focus on your needs.

And that’s a shame, because chances are your refund could be a serious chunk of change. The average refund last year on federal returns was nearly $2,800.

Don’t you dare spend that money on a vacation or a new flat screen. Or anything that qualifies as a “want”. You are to focus on needs first.

My short list of important needs:

  1. Pay off high-interest credit card debt.
  2. Pay-down a high interest car loan.
  3. Pay down student loan debt.
  4. Build up your emergency savings. 8 months of living expenses is the ultimate goal.
  5. Fund a Roth IRA.

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