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Practical Money Matters Radio Series

March 11, 2013
Put Your Tax Refund to Work

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Are you expecting an income tax refund this year? Learn how to put that money to work for you, instead of blowing it on something you don't need.

Transcript

If you're expecting an income tax refund this year, before you blow it on a guilty pleasure, here are some ways to put that money to work for you:

  • Pay down debt. Increasing your credit card and loan payments can save you significant amounts of money.
  • Start – or beef up – an emergency fund to protect your family against unexpected financial crises. Have at least six months' of living expenses saved.
  • Increase your IRA or 401(k) contribution.
  • Replace older appliances with energy-efficient models that will pay for themselves through lower utility bills.
  • Invest in your future by taking college or vocational courses.

And finally, adjust your withholding allowance at work so you're not giving the government an interest-free loan.

Bottom line: Tax refunds aren't free money. Make sure you spend them wisely.


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