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Do you have plans for your income tax refund?

Tips on making the most of your money this tax season by our sponsor Wells Fargo

 


Do you have plans for your income tax refund?


While some people cringe at the thought of tax season, others are excited as they anticipate the extra money they’ll receive from their income tax refund.  This year, instead of making plans to spend your refund on splurges, consider more productive ways to make the extra money work for you.

From Refund to Debt Free

There aren’t many times in the year where you can acquire a lump sum of money. Consider applying your income tax refund to existing debt, or paying bills ahead of time to free up cash for paying down debt throughout the year.  Being able to knock off anything above and beyond your regularly planned payments will help you to get ahead – and proactively work towards your financial goals.
Yes, a small treat might be in order, but remember to focus on long-term goals versus short-term satisfaction.  

Investing Income Tax Dollars

Looking for a responsible way to use your income tax refund? What about making your money grow by investing? It really doesn’t matter if you’re a novice at understanding investment tools and options.  Like anything else, the more you learn the better you will become. Don’t act on assumptions. For instance, many people believe that you need a fortune to get started. This isn’t true; some investors start off with as little as fifty dollars.

If you still feel unsure, consider working with friends and relatives to learn more about investing, and then start an investment club.

There are many resources online that will explain the basics and provide you with the necessary tools to get started. Check out My Financial Guide for more tips to help you make the most of your money during tax season. 

This article has been prepared for informational purposes only. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each individual’s financial situation is unique, you need to review your financial objectives to determine which approaches might work best for you.

 


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