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

president ObamaWarner Bros Television Groupnear historic lowsInfluentialstelevision hostSelectQuote.combill paying prioritiescommunity collegeprofessional advisorExhibitiondon't do five year car loanMotherchildren's book20% equityteach your child good money habitscontribute household expenses better loan rateslong term careFICO ScoreAuto Savings rising home pricescut monthly cable billhome insuranceRetirement SavingsARMbetter loan dealsretirment savingsclosing feesat worst still pay 75% benefitincrease emergency savingsfocus on needscommunity bankno fee transfertake actionverify retirement plan with HR or plan sponsormultiple lendersBeautylife insurance name trust as beneficiaryCNBCdangerous retirement planPBS Specialstudent loan repaymentmarriage inequalitydon't blow tax refundunexpected expensedangerous money seasonFICO at least 720Communication Skills buying car 2016letter to suzeHDHP'sFiscal Responsibilitylow down payment20% down payment avoid feessame sex marriage band end Floridaderailed plancalculate dependents annual income needstax refund fraudemotional stakessavingsalways use all paid time offMortgage Credit Availability IndexCombo Insurance Productsmarriage financial responsibilityvalentines dayadult childrenmoney-aware childLong Term Care shoppingfull retirement ageGracesocial securityLong Term Care Insurance is it true? keep a schedule8 month emergency fundNew York LifeThe Suze Orman Showhigher monthly paymentAmy Lacyetno private loanwomen live longerBill and Pennylive below your meansincrease retirement contribution ratewomen outlive menChanging Livesgraduationlower overall drug costpermanent life insurancedoctors in networkprotect your familyhome budget after tax costcreate new truthreplace permanent life insurance with termleave a legacyAmericans don't use all paid vacation timeStock InvestmentsFICO credit score credit card mortgagerepay student loansGiftaffordabilityPrime Rate Increasepurely financial standpoint8 month safety netfinancial concern4 Must Have Documents Prime Rate Rise 2015Durable Power of Attorney for Health Carepublic service career student loan repayment manage student loansswitch to roth 401(k)eliminate credit card debtinsurance yearly reviewdon't extend mortgage Goodbyepay down student loan debtFederal Stafford loanno sneaking in feesRevocable Living TrustEric Dodge file taxes quicklylong-term care high FICO scoreexercise reguarlyFinancial CliffSchool of Social WorkTeachhealthy gumsno life insurance financially irresponsibleno retirement funds for down paymentbest interest ratesMoney-Saving2016 adjust estimated taxCPI-Wconfident of solutionstay positivebe kind to yourselfretirement accountsonly offered while employed term life insurancefederal student loan deferment low credit scorefinancial argumentsholiday spendingBankdon't buy wantsVital DocumentsWillFixed Rate Mortgageschool point cost offset by savings740 credit scoremax employee matchRoth 401(k)responsible with moneybest loan deal home related tax break bonus debit cardfinancial aidMost Influential Celebrities Listproperty taxstrained relationshipRichBaby Boomersdoctor no longer in networkitemized deductionhigh premiumscollege studentcommissionsGay Rightsunsubsidized Stafford loanCollege of Veterinary Medicinecouple financesSuze approvedhousing marketpercentage of women widowed 75-84overspend on dining outprovider of financial supportwives should be involved in retirementlet them have 50% controlmeet monthly one credit card30 year mortgage comparison shoppingFinancial Systeminsurancecharges on credit cardhome buying budgetno late fee home ownershipget credit cardpaid vacationstandard rateETF'sMoney Marketapproved medical 100% tax-freeengaged in financesdon't ignore open enrollmentno apologyfraudulent returnLegal Guardiancar loanno intereststudentno negativityYoung Adult focus on new truth college graduatepay high rate off firsthighest possible benefitSave Us Moneywomen long term caremonthly dental insurance premiumschedule vacationWall Street19 years cash flow problemmortgageUrbana-ChampaignLTCunder 18 financial gifthealthy retirement blood pressurelowest cost fund optionjuggle multiple financial goalsbreakdown projected monthly housing costco-sign don't spend physical healthInvest for savings growthSuze Orman's Money Wars20% down paymentbuy down overspend on nights outlow-cost index mutual fundcompare monthly expensesearn more on savingslower premiumjanuary billscredit cardOne Wallet At A Timestudent loan repayment planUniversity of Illinoisgift grandchild IRA contributionpremiumFinancial Solutions For Yousecured cardlower interest rateteens and moneyFHA loan feesaffordable premiumidentity fraudeight month living expense Financial AwarenessCiti Simplicity Card prescription tierclosing costs 2% of loanmonthly benefit ritual scheduleARM Cautioninterest capitalizationfinancial goal phrasedon't cover cosmetic dentistry3 step financial road mapinitial tax break same-sex marriagebe good exampleplanheartacheStaffords this year have a fixed 6.8% interest ratereduce interest rateadjust allocations mental healthdental savings planSuze Orman spouse Kathy Travisroth iraidentity theftbe true to yourselfhigh deductible health care planhealthy aging Sandy Hook Elementary Schoolbalance transfer not gender specific Post-Divorceis it kind?stretch out haircut appointmentsback door Roth IRAFinal Goodbyestandard deduction paying for college8 Rulesemployer offered life insurance401Kzero rate transfer dealsMarlo ThomasInfluential Celebritysocial workburn outGiftscar buying mistakesage appropriate choreautomate student loan paymentsAARPallowancelearn good financial choicespush yourself to save more for retirementthree year car loannew carshort term goal long term goalcredit unionretirement planverify wellness screening and programs10% donate to charitytoo expensive schoolspeak new goalanticipated salaryForeclosuresocial security never insolventForbes Top 10healthy youTelepicturesmortgage disclosurepay credit debt ASAPEmergency Savingsbest interest of investorSwap Older Annuities or Life Insurance raise insurance deductiblestudent loan debtautomatic withdraw to savings low mileage discountAlarm ClockLoveshorter payback periodMass MutualCivil RightsCredit Card Rate IncreaseFRAiffy incomeescrowdon't defer interest paymentsCOLAincentives for health care wellness screeningHDHP's are not baddeath benefit needs for familycredit utilization ratecar leasingSuze Orman ScholarshiptaxesConventional loan PMIlousy investmentchildren under 1840% toward financial goalUS Tax Codemax employer matched 401(k) contributiondepreciating asset 50 over 50IRA contribution gifted moneyAdequate Auto and Home Insuranceemergency fund Employer Matched Contributiononly refinance if it payspreexisting condition not coveredDeath Benefitcontribution commitwomen longer life spanoverspend on giftsrequire chore in exchange for allowanceadd teenhome buying seasonFinancial Educator15 year mortgagesave avoid burn outclosing disclosureHoliday Seasonraise deductiblesretain separate credit cardsborrow each year, capitalization is going to pile up write new goalgay marriage ban end Florida AARP Social security calculatorHigh FICO Score = Better Rateignore 6 month grace period death benefit 20 to 25 times annual incomeenjoy saving Financial Gift Cliffhigher insurance deductiblestaycationmaintain standard of livingrent vs buyraise your deductible2016 adjust withholdingfinancial fearsFundsteens3 bucket approachFinancial Awareness Video Festivalincreased auto insurance premiumno tax on withdrawlsfamily save at least $100 monthlyCommencementSatisfyingincrease retirement savingsForbesHigh Credit Scoresocial security not going broketeach importance of helping othersretirementVeterinary Schoolvalue moneyFinancial AdviceRevocable TrustSuze Ormancan you afford it20 to 25 times annual incomeEasy Life Insurance debt freereduce withholdingfinancing car suitabledon't use allowance as bribeHSA tax savingsone annual feemoney vowspay more than minimumbad decisionsdental discount plan!00% tuition paidFederal ReserveHeartnon conventional routedear suzeback-to-school budgetlower mortgage interestearn allowancecredit reportuniversal college accessstore credit cardscompare provider pricingspecial saving accountcredit managementpeace of mindMust Have Documentspaid in fullconsider roth 401(k)refinancelower rateFederal PLUS loan20 year level term Interesthome buying mistakesLifestyleis it necessary?kid borrow firstsetup automatic savings withdrawhealthy retirement weightworkaholicloved ones dependent on incomepay off debtNewtownrequired disclosureFree Debt EliminatorJose Rodriguezannual cost of living adjustment2015 financial roadmapaccelerate dental workFederal Funds Ratelife insurancedon't charge a pennyfinancial independenceSandy Hook Promisenegotiate points with bank or sellerbuy home you can afforddo not pay allowance for good behaviorHolidayCory Bookercnbc alarm clockCredit scoreworst financial mistakefiduciarypay down car loanfile asapreal estate marketGay Couplespay 100% cashtitle insuranceStudent Debtno waiting periodgrandchild summer job IRA contributionHDHP's are good for youRetirement Incomereal estate mistakesreferrals traditional vs roth 401(k)successStudent Debt Crisisautomatic paymentshop online guaranteed level term policyprotect dependent Phyllis Shelton expert long-term care401(k) Contributionswaive home inspection bidsecure creditloan no longer than 36monthsemergency fund savingshigh credit score discountAshley Springergift not loanbuying a caremployer funding HSACD'sreduce monthly paymentadvice for college graduatesnot enough life insuranceget the most out of social security raising interest rates3 savings buckets summer job match income Moneyinsurance mistakepowerfulbad retirement planninghome loan credit score below 740 Financial Power of Attorneyallowance taskdream schoolWashingtonmake saving a pleasureLTC shoppingloan is giftFinancialAccuQuote.comdo you need life insuranceloan big picture get over life insurance phobiaInflation Benefitlong-term care premiumsyours, mine & oursprotect and provide for minor child Holiday Shoppingovercome financial fearssave moneywould you decline a bonusPay Off Debt Before Retirement10 year repayment plan percentage men widowed 75-84student loan repayment estimatorknow before you owecostly insurance mistakesidelinedMinor Children Student Loanget health insuranceorigination feesborrowing plan Long Term Care premiumsalternative FICO scoredon't derail retirement savingsterm insurancePersonal Financeinterest on student loansconfidentloan necessityLTCi ASAPsavings pleasurepositiveprotect loved ones buy homemax benefit coveredBankruptcyresponsibleswitch to spouse coverageSelfishpay interest while in schoolgift up to 14,000HDHP/HSAraising mortgage rates open enrollment review tax ID theft6 month waiting periodno splurge costly legal budgetCredit Card Interest RateSpendinghealthy teethSuze changed my lifekids schedule paymentsis it necessaryquick closing2015 record year car salesno private loansspring summer refunddental insurance Suze is my biggest mentorfour steps to retirement savings cost of capitalization calculator3% debt transferred University of Florida15-year refinance dealpublic service loan forgiveness programface your financial fearHDHP become member high down paymentcut monthly cellular billHow To Build CreditNew american Dream Overspending2017 Taxesdebtgrandparent IRA contribution rollovermortgage interest tax deductionsmall changes mobile appage appropriate goalsbetter termsbig results ultimate compounding giftmortgage broker


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