CHICOPEE, Mass. (Mass Appeal) – Ahhh the tax refund … nothing better than getting a check from Uncle Sam, but what should we do with our newfound cash?
Todd Christian from Cambridge Credit Counseling in Agawam is here with some ideas.
70% of households will receive a tax refund though you might have to wait longer this year to see it deposited into your account due to the IRS trying to cut down on the amount of tax fraud. The average return is around $2800
This will allow you to have a cushion in case of a financial crisis such as a sudden loss of income or unexpected expense.
#2 Pay off/Down debt
Start with the accounts that have high APR’s on them, then move to the accounts with the lower APR’s. This will allow you save money on the interest your being charged and you will get the debt paid off faster.
#3 Increase the value of your assets
Instead of squandering maybe take the refund and take care of your assets? Do I need repairs to my home or car? My wife says fix the little issues now , before they become a major problem.
#4 Invest in yourself
Think about investing in yourself. You may want to take a training course that will allow you too get that certification to move to another dept. You may be only one class away from attaining your B.A.