Are You Expecting a Tax Refund This Year?
If you are expecting a tax refund this year, you might want to consider visiting your Human Resource or Payroll Department and adjusting your Form W-4. By changing your W-4 withholdings so that you get more money each pay period and less of a refund next year, you might get some extra money to use in your pocket.
Here are some budgeting ideas to consider if you are expecting a tax refund this year:
Pay off part or all of your credit card debt.
You may not be able to pay off all of your debt, but paying part of a high interest credit card bill can do wonders for your personal finances. Just think of the money you can save by not paying such high interest!
Invest in your future.
Consider using your tax refund to make a contribution to an Individual Retirement Account (IRA.)
Start a rainy day fund.
If you do not already have an emergency fund set up, now might be a good time to start one. You never know when an emergency or unexpected expense may come up.
Service your automobile.
With the high cost of fuel today, getting that oil change or tune-up you have been putting off might be a good idea. Always remember, a car that is running properly will burn less fuel and save you more money.
All in all, no matter what size your tax refund is, you can make it go a long way by thinking before you spend.
This Article is brought to you by American Consumer Credit Counseling. ACCC is a non-profit 501 (c)(3) organization that is dedicated to financially empowering consumers to regain control of the quality of their lives through education, counseling and debt management. For more information please visit http://www.consumercredit.com or call the Education Department at 800-769-3571 Ext. 708.
Tom Palange
Education Programs Specialist
American Consumer Credit Counseling
