It’s that time, of year again when many of us who will receive a tax refund will be balling for a minute, but before you run up some commas in haste, consider a few wiser options for spending this year.
- Secure your future.
Begin saving for a rainy day or retirement fund. You know an emergency is coming one day, and old age is inevitable. Why not put away for one or the other or both!
- Take care of home first.
Consider refinancing your home. If your mortgage was set with high interest rates and bad terms, this is a good time to see about refinancing it, so that your interest rate may be cheaper or terms more flexible.
Take care of those home repairs you have been putting off since forever. Your home is your palace, but we as a community often don’t live like it. Let’s stop pulling these nice, shiny cars up to matchbox houses.
- Start investing in your child’s future.
It is suggested that you start a 529 college fund. There are two types of 529 plans: pre-paid tuition plans and college savings plans. These are tax advantage savings plans to encourage setting funds aside for future college cost and tuition. The plans are sponsored by the state, state agencies, and/or educational institutions. Learn more here.
- Free yourself!
Pay off or down high interest debt, your credit card debt could certainly apply here. Many are consulting with credit advisors, while others are doing it on their own. I personally have found great advice and tips on the Credit Warriors- Each One Teach One Facebook page and group.
- Invest in yourself.
Ok, so maybe you want to spend your money on something more enjoyable. How about taking a course and learning something new or taking a trip? Wiser people are spending more on experiences than tangible products now days.
All I am saying is, don’t blow your money frivolously. Now is the time to plant seeds for a great harvest.