Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

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.

Tag Cloud

high credit score discountpremiumfinancial argumentsbetter loan deals2016 adjust withholdingsavingswomen live longerschool ultimate compounding gifthome loan credit score below 740 savings pleasurerent vs buysummer job match income student loan repayment planwomen longer life spanat worst still pay 75% benefitdon't derail retirement savingsSave Us MoneyUS Tax Codedo not pay allowance for good behaviorsidelinedHow To Build CreditFiscal ResponsibilitySuze changed my lifeprescription tierretirment savingsNewtownbuy homeresponsibleautomatic paymentgrandchild summer job IRA contribution3% debt transferred Employer Matched Contributionavoid burn outfinancial concernfinancial aidsocial security not going brokeHDHP's are good for youcreate new truthnon conventional routecommitspeak new goalLong Term Care Insurance leave a legacy30 year mortgage Alarm ClockAmericans don't use all paid vacation timeget over life insurance phobiabe true to yourselfbe good examplemax employee matchCNBCpermanent life insuranceone credit card40% toward financial goalStock InvestmentsCollege of Veterinary Medicine8 month emergency fundNew York Lifevalentines dayface your financial fearverify wellness screening and programsrising home pricespresident Obamahousing marketget credit cardcredit union8 month safety netHDHP secure creditstandard deduction take actionETF'salternative FICO scoreFundsadjust allocations affordable premiumbad retirement planningdebit cardprotect loved ones not gender specific Financial Awarenesssave increased auto insurance premiumtraditional vs roth 401(k)loan necessitysetup automatic savings withdrawincentives for health care wellness screeningcouple financesDurable Power of Attorney for Health Caresame sex marriage band end Floridamonthly benefit don't defer interest paymentspublic service career student loan repayment worst financial mistakecompare monthly expensesspring summer lowest cost fund optiondental savings planuniversal college accessRichpay credit debt ASAPcontribution interest on student loans10% donate to charityhealthy youFree Debt Eliminatorunder 18 financial giftcollege studentAshley Springerrequire chore in exchange for allowanceFinancial Cliffget health insuranceFinancial Awareness Video Festivalpurely financial standpointpay high rate off firstterm life insurancevalue moneydeath benefit 20 to 25 times annual incomegift up to 14,000best interest ratesHigh FICO Score = Better Ratestudent loan repaymentdental discount plancnbc alarm clockoverspend on giftstoo expensive schooldon't cover cosmetic dentistryFederal Stafford loanFinancial Solutions For You401(k) ContributionsFederal Funds Ratehome ownershipsuccessVeterinary Schoolchildren's bookburn outiffy incomeHoliday Shoppingmax employer matched 401(k) contributionretirement accountsMoneyMinor Children back-to-school budgetdoctors in networkdo you need life insurance!00% tuition paidcredit utilization rateraise your deductibleconfident of solutionautomate student loan paymentsWillFICO credit score credit card mortgageverify retirement plan with HR or plan sponsorpaid in fullfinancial goal phraseteensSuze Orman spouse Kathy TravisWall Streetpay down car loanAuto Savings escrowfocus on needsdebtreduce withholdingplanMost Influential Celebrities Listlearn good financial choicesCPI-WpositiveOverspendingeight month living expense PBS Specialinterest capitalizationHDHP's are not badkids schedule payments3 bucket approachLTCprotect and provide for minor child debt freejanuary billsmarriage financial responsibilitydon't blow tax refundstay positivejuggle multiple financial goalsPay Off Debt Before RetirementAARP Social security calculatorEasy Life Insurance public service loan forgiveness programhome budget after tax costopen enrollment review repay student loansreduce interest ratebudgetAccuQuote.commoney vowsprovider of financial supportstandard rateworkaholicyours, mine & oursdon't ignore open enrollmentRevocable Trustgift grandchild IRA contribution2017 Taxesmultiple lenderskid borrow firstbest loan deal Forbes Top 10retirement planrefinance50 over 50dream schoolcostly insurance mistakeitemized deductiongraduationSelectQuote.comnew carMoney-Savingtelevision host4 Must Have Documents no late fee borrowing plan HDHP/HSASandy Hook Promiseage appropriate goalsCommencementresponsible with moneycompare provider pricingearn allowanceAARPGoodbyeCredit scoresecured cardwaive home inspection bidis it necessaryLTCi ASAPpercentage men widowed 75-84is it necessary?bill paying prioritieshealthy retirement weightswitch to spouse coverageorigination feesconsider roth 401(k)20% down paymentlong term carereal estate marketpoint cost offset by savingstax ID theftovercome financial fearscredit cardpay more than minimumsave moneyFinal Goodbyefile taxes quicklyletter to suzeExhibitionemergency fund federal student loan deferment social security never insolventlow-cost index mutual fundbreakdown projected monthly housing costteach your child good money habitsno life insurance financially irresponsiblehome related tax break bonus life insurancebetter loan rates10 year repayment plan exercise reguarlyinsurancehigher monthly paymentFHA loan feesSandy Hook Elementary SchoolCOLA15-year refinance dealForeclosuremobile appHigh Credit Scoreloan no longer than 36monthshigh FICO scorehigh deductible health care plandon't use allowance as bribeFinancialallowance taskgift not loanidentity fraudpeace of mindSuze Orman Scholarshipdangerous money seasonoverspend on nights outno retirement funds for down paymentno sneaking in feeshome buying budgetlower mortgage interestNew american Dream Beautycar loanLoveSpendingback door Roth IRAclosing disclosureignore 6 month grace period Fixed Rate Mortgageunsubsidized Stafford loanreferrals Vital DocumentsBaby Boomersfamily save at least $100 monthlyteach importance of helping othersstudent loan debtholiday spendingPrime Rate Rise 2015student loan repayment estimatorthree year car loanknow before you owerefundcredit managementmonthly dental insurance premiumno fee transferlower premiumemergency fund savingsloved ones dependent on incomenegotiate points with bank or sellerretain separate credit cardslife insurance name trust as beneficiaryadd teensame-sex marriagemortgage interest tax deductioncommunity collegeproperty taxzero rate transfer dealsBankruptcySuze is my biggest mentorincrease retirement contribution rateget the most out of social security Holidayfraudulent returnEmergency Savingsmake saving a pleasurelong term goalFRAdon't spend doctor no longer in networkLegal Guardianmoney-aware childroth irapay interest while in schoolreduce monthly paymentHSA tax savingsfinancial fearsStudent DebtCredit Card Rate Increasecommunity bankHDHP'sCredit Card Interest RateSelfishborrow each year, capitalization is going to pile up car buying mistakesco-sign don't buy wantsraise insurance deductibleRevocable Living Trusthealthy retirement blood pressureinsurance yearly reviewis it true? Motherhigh down paymentstrained relationshipoverspend on dining outGay Rightslower interest rateschedule vacationapproved medical 100% tax-freecostly legal Changing Liveslive below your meansGracehome buying seasonno negativitymortgagewomen outlive menterm insuranceone annual feeMortgage Credit Availability Indexsocial workfull retirement agereplace permanent life insurance with termUniversity of Illinoisloan is giftno private loansFinancial Gift CliffAmy Lacyetage appropriate chorepay down student loan debtgrandparent IRA contribution would you decline a bonusmarriage inequalitymental healthFinancial Advicecalculate dependents annual income needsspecial saving accountlower overall drug costclosing feesBill and Pennyquick closingfile asapMarlo Thomas6 month waiting periodMoney Marketstaycationprotect your familybad decisionsalways use all paid time offEric Dodge no waiting periodtaxesMust Have Documentsincrease emergency savingsMass MutualSatisfyinghome buying mistakes3 step financial road mapno apologySuze Orman's Money Warskeep a schedulehome insuranceraise deductibles740 credit scoreRoth 401(k)contribute household expenses cut monthly cellular bill19 years cash flow problemhigher insurance deductibledon't extend mortgage store credit cardsUniversity of Floridadeath benefit needs for familymortgage brokernear historic lowsonly refinance if it paysCiti Simplicity Card ARMtitle insurancefour steps to retirement savings retirementlet them have 50% controllow credit scorewives should be involved in retirementhighest possible benefitYoung Adult employer offered life insurancecharges on credit cardbig results balance transfer Teachcut monthly cable billSchool of Social Workanticipated salarybe kind to yourselfPhyllis Shelton expert long-term caregay marriage ban end Florida no splurge Bankfocus on new truth don't charge a pennyAdequate Auto and Home Insurancederailed planno interestsmall changes preexisting condition not coveredteens and moneybecome member Student Loancost of capitalization calculatorGiftspaid vacationcan you afford itloan big picture Retirement Savingslow mileage discountPost-DivorcerolloverTelepicturesno private loan20% equityis it kind?Invest for savings growthWarner Bros Television Groupincrease retirement savingsemotional stakes3 savings buckets identity theftStaffords this year have a fixed 6.8% interest ratedon't do five year car loanIntereststudentpaying for collegefinancial independenceswitch to roth 401(k)affordabilityOne Wallet At A Timeshop online guaranteed level term policyARM Caution15 year mortgage401Konly offered while employed Financial Systemlower rateallowanceinitial tax break healthy aging Federal PLUS loantax refund fraudrequired disclosureGay CouplesPrime Rate Increase20% down payment avoid feesCory BookerSuze approvedPersonal FinanceHeartclosing costs 2% of loancollege graduatecomparison shoppingRetirement IncomeForbespay off debt8 Rulesunexpected expensedepreciating asset advice for college graduateswrite new goalprotect dependent real estate mistakesautomatic withdraw to savings no tax on withdrawlsHoliday Seasonbetter termsInfluential Celebrityshort term goal buy home you can afforddental insurance Financial Power of Attorneydear suzeJose RodriguezUrbana-ChampaignStudent Debt Crisisstretch out haircut appointments20 to 25 times annual incomeThe Suze Orman Show2015 record year car salesFICO at least 720Long Term Care premiumsbuying car 2016Giftadult childrenchildren under 18high premiumslousy investmentwomen long term careFinancial Educatorbuying a carfinancing car employer funding HSALong Term Care shoppingmortgage disclosuresocial securitycar leasing2015 financial roadmapheartacheinsurance mistakelong-term care premiumspush yourself to save more for retirementshorter payback periodInfluentialspay 100% cashbuy down low down paymentenjoy saving maintain standard of livingConventional loan PMILTC shoppingpowerfulmanage student loansritual scheduleIRA contribution gifted moneyconfidentpercentage of women widowed 75-84Civil Rightsnot enough life insurance20 year level term physical healthLifestyleFICO ScoreSuze Ormandangerous retirement plancredit report2016 adjust estimated taxCommunication Skills annual cost of living adjustmentmax benefit coveredWashingtonlong-term care meet monthly

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel