How to turn your income tax refund into financial progress Should your tax refund go to debt, boost savings, or be spent on a splurge? How to make a smart, balanced choice that strengthens your financial stability. |
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How to turn your income tax refund into financial progress
Should your tax refund go to debt, boost savings, or be spent on a splurge? How to make a smart, balanced choice that strengthens your financial stability.
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Q: I don’t usually get much of a tax refund, but this year my return shows I’ll be getting about $3,500 back. I was surprised, so I double-checked the numbers, once on my own and once with a friend who is more familiar with taxes, and both times the result was the same. I expect the refund to be deposited in my bank account next week, so I’d like to put it to good use instead of spending it impulsively. I still have a credit card balance from a trip last year and some recent car repairs, which also wiped out my emergency savings. Is it better to use a tax refund to pay down debt or rebuild savings? ~Andre
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