Tax Refund? Use it to Start Savings or to Invest
If you’re not in the habit of investing or saving now is a good time to begin – when you get your tax refund. Most people are getting some sort of tax refund now or very soon. It can be tough to save if you are spending practically everything you make. While you adjust your spending habits, you really need an emergency fund. Then you need to invest for the future (long term).
It’s easy to spend your tax refund on extra things you don’t really need. My tip is to resist that temptation and instead start a savings account. I really like ING Direct an online savings site. If your savings is a little out of your normal routine and you set it up so it comes out of your checking account automatically it discourages you from spending the money unless you absolutely must spend it.
If you already have a savings account, your tax refund may be extra money that you can invest. A Utah Financial Planner can help you with that. You don’t have to start big – but just starting is key.
Written by admin on March 28th, 2009 with
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