Your tax return may put a big smile on your face, but before you spend it on nonsense, take into account these alternatives.
You received your tax refund and the first thing you thought of was that really nice 80’’ LED television you saw at Best Buy just a few weeks ago. That TV plus your Blu-ray player will certainly make “The Departed” a much more intense viewing experience. But do you know what that TV won’t go nice with? Credit card debt. Before you go spending your tax refund on things, take a step back and consider what you can do with that money that will help you in the long run.
- Pay off credit card debts. Your credit card debt is only hurting you every day you don’t pay it off. Interest rates can be a real pain in the rear end. Financial experts say that paying down expensive debt is at the top of list of what you should be paying off.
- Invest on a comfortable retirement. Paying off your credit card bill is important, but what if you already have that covered? Does that mean you can get that 80’’ TV? Not quite. Growing your retirement portfolio can only be good for you. This money grows tax free, so it’s like making free money.
- “Rainy Day” Cushion. You should always keep no less than six months’ worth of expenses in an emergency fund that’s readily accessible to you in a moment’s notice. Building up that cushion isn’t exactly fun, but it’s necessary in an unpredictable economy.
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