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Tax season is here which means that you may get an Income Tax Refund! If you’re one of the 100.4 million Americans that received a tax refund last year, you probably expect to get that extra bit this year as well. This is exciting! Who doesn’t love extra cash? But what do you do with it once it’s deposited? I’m going to share the 5 best ways you can use your income tax refund.
The average tax refund in 2019 was a little under $3,000, with the total tax refund payouts equaling $274 billion [source]. For some families, that’s close to a monthly income, a credit card balance, or a fun family vacation. So how do you decide what do to with this suddenly found money?
What Are the Best Ways to Use Your Income Tax Refund?
Let’s put this in perspective a little – the total US Credit Card debt is around 1 trillion dollars [source]. So, in a perfect world, if everyone just put their tax refund towards paying off their credit cards, it would take around 3 years to pay off all US credit card debt. All of it.
But with each passing year, that debt number increases despite this annual injection of money each year.
This year, let’s change that. Let’s do something better with our tax returns than buying a bigger TV.
How can I use my tax refund wisely?
1. Start your Emergency Fund
Square one for any budget is setting up an emergency fund. In my opinion, this is even more important than paying off your debt because having a fully-funded emergency fund is a safeguard that will keep you from using your credit cards in the future.
While there are many ways to acquire your emergency fund without a second job, you can fast-track the… Read More
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