Use your tax refund for debt relief, it’ll be worth it in end

Published 12:00 am Wednesday, April 3, 2019

On your mark! Get set! Ready! Go!

The race is on. It’s countdown time — to tax day. However, what are you planning to do with your big refund? Here are some great suggestions from AmericaSaves that will help you get debt relief:

• PAY DOWN YOUR DEBT. Use your refund for some much needed debt relief. Pay off your credit card balance. If you have an outstanding balance on more than one credit card, try to pay off the smaller, high-interest rate balances first. That will free up more funds to put toward larger balances. Alternatively, you can apply your refund toward other debts, like a car loan or a home equity loan.

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• SAVE FOR A RAINY DAY. Why not give yourself an even bigger return on your tax refund by putting the money into a savings account, CD, retirement fund, or purchasing a tax time savings bond? Your tax refund will continue to grow if you put it into savings or invest the money. It’s always helpful to have a savings account to draw from when a major car repair bill, medical emergency or other unexpected expense comes along. That way, you don’t have to borrow money and add to your debt-load.

• KEEP THINGS IN PERSPECTIVE.  Working your way out of debt can seem like a daunting task.  Perhaps you assume that a small tax refund check won’t make enough in your det. Every little bit helps.

• If DEBT IS A CONTINUTIG PROBLEM.  Certified credit counselors can help educate you on money management and teach you how to make the most of your hard-earned income.

• IF YOUR’RE DOING OKAY.  Even if your finances are in good shape, your refund check provides the opportunity to improve your life or the lives of others.

• CONSIDER YOUR FINANCIAL GOALS. Trying to save for a house or car down payment? Hope to contribute to your child’s college tuition? Consider applying your tax refund toward these goals. If you don’t yet have a set of short-term and long-term financial goals, put one together. You’ll be more conscientious about how you spend your refund or any other extra money that comes your way.

Remember, you work hard for your money and you deserve to enjoy a healthy financial lifestyle. Put some thought into how you use your tax refund. Making smart financial decisions is not always easy, but it will definitely benefit you and your family over the long term. Information for this article was found at