Welcome to Part 3 of the latest series on www.JosephSangl.com – "Best Utilize Your Tax Refund"
It is exceedingly important to have a plan for the refund money BEFORE you ever receive the money!
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!