Best Utilize Your Tax Refund – Part 3

Welcome to Part 3 of the latest series on www.JosephSangl.com – "Best Utilize Your Tax Refund"

Step 1  Before You Spend It, Plan It

It is exceedingly important to have a plan for the refund money BEFORE you ever receive the money!

Step 2  Purchase Financial Freedom

Your options include Giving, Saving, and Spending.   First, one needs an Emergency Buffer Fund.  Second, save for Known, Upcoming Non-Monthly Expenses.  Third, eliminate debt!

Step 3  Fulfill Some Of Your Dreams!

If you already have an Emergency Buffer Fund, have saved for all of your Known, Upcoming Non-Monthly Expenses, AND your are debt-free it is time to use your tax refund to fulfill your dreams!

It is now time to GIVE, INVEST, and SPEND!!!

I LOVE giving.  There is nothing more satisfying than giving to a worthy person or cause. 

Consider investing some of your refund.  Assuming you meet income guidelines, you can invest in a 2007 IRA until April 15, 2008 AND deduct it from your taxes!  That is a great deal!

And, of course, another option is to spend some of it on a really nice purchase!  It's OK!  Just make sure you negotiate a really great deal!

The series ends next time with a discussion of whether or not one should be giving the government a really big no-interest loan all year long!

Read the rest of the "Best Utilize Your Tax Refund" series 

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