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How to Spend a Tax Refund

Posted by Melissa Batai on Apr 18th, 2023 · 0 Comment

Picture of money, the corner of a tax refund check, and a tax form.

This year, my husband and I were worried that we might owe taxes. Instead, to our surprise, we received a several thousand dollars refund. We have received our refunds and have the money sitting in our savings account until we decide how to spend a tax refund—we have so many options that would make good use of the money! Here’s what we’re considering: How We Might Spend a Tax Refund If we had...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

How to Spend a Tax Refund

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