Tax Day is April 15, which means some of us have access to extra funds from our tax returns. While receiving your tax return may feel like a financial relief, it is important to approach the spending of your refund with a strategic mindset.
The excitement of having extra money can encourage impulse spending, making it critical to spend your refund wisely. Consider these insights and tips to spending your tax returns this year:
· Expand or create an emergency fund
· Put it towards savings
· Pay off debt
· Fund your escrow account for possible insurance and tax increases
· Fund your retirement
· Create a college fund for your child(ren)
· Prepay your mortgage
· Buy life insurance
· Pay for home improvements
Whether you choose to pay down debt, build up your savings or invest in yourself, the key to using your tax refunds wisely is to make informed decisions that match your financial goals.
We can help!
We understand that managing finances can be challenging. Habitat U offers financial literacy courses to Habitat homebuyers and the public to help them with budgeting, saving, and understanding their credit report. Visit Habit’s U webpage to sign up for one of our upcoming classes.
Additionally, our HUD Housing Counseling Program is dedicated to offering assistance in financial management and budget counseling to provide you with the support you need.
Please fill out the interest form here to get connected with our certified HUD Housing Advisor team.
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