What are you gonna do with your tax refund? What’s the “right” thing to do?
If there’s ONE thing I’m good at… it’s telling other people what to do with their money. So you’ve come to the right place!
There are SO many options. So let’s go over that FIRST and then I’ll spend your refund for you :)
This is something that is tough for most. When you see that you’re getting some money back, whether it’s $12 or $2,300 it’s likely money you haven’t depended on, so your life wouldn’t be much different if you squirrelled it away somewhere.
For some as soon as you see the amount you most likely have 2 thoughts 1. Thank goodness I don’t owe and 2. Now I can do <insert fun thing here>. Or Now I can get <that thing you’ve told yourself you can’t afford>
Pay off debt.
If getting your finances organized + in line are a priority for this year, one easy fix is to throw this new cash at debt. As an easy solution, if you have debt that carries an interest rate that is higher than 10% pick that one.
BUT - one solution I like is to do a little of everything. I like to take the balance, whether $12 or $1,200 and do a little of everything. Spend some. Save some. And throw the rest at debt. If you aren’t sure what % of each to do let me know in the comments and I’m happy to give you some direction. Or maybe you are in the OWING camp… I’ve got some tips for you coming up in a few days!! So stay tuned!!
There’s nothing more annoying that starting + stopping your tax return because you have forgotten (or are still waiting for) a document or slip. Grab this checklist go to www.meghanchomut.com/taxes so that you can be sure you’ve gathered everything before you sit down and get started