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News
What
to
Do With Tax Refund?
Posted 16 February
2010
Whether your tax refund is $500 or $4,000, it can mean a real impact on
your personal and financial well-being. “Before you spend your
refund on a big-screen TV or a vacation, try to think through your
options, even the ones that aren’t especially exciting or glamorous,”
says Erin Ludwig, Iowa State University Extension Family Resource
Management Specialist.
“By planning ahead and using your refund wisely, you can save money and
improve your personal and financial well being,” says Ludwig.
Consider three general rules when planning uses for your tax
refund. First, plan ahead before spending your refund.
Without a plan, you might use the money on the first important thing
that comes to mind, and then later realize something else was more
important. Second, devote a portion of your tax refund to build
long-term financial security. Third, do not throw away part of
your refund on loan fees. “Quick refund” companies are just
giving you a high-cost loan!
Planning ahead and involving the family increase the chances you will
identify all the possibilities and think about which are most
important. Ludwig recommends four smart uses for your tax
refund.
Pay Off Bills. Your first priority should be your regular monthly
bills (utilities, phone) if you are behind. Prioritize other
bills with the highest interest rates to pay off first.
Save for Needs in the Coming Year. Start an emergency fund.
Try to have enough money to cover three months worth of income should
you have an emergency, such has a medical expense, car repair, or you
lose your job. Avoid big bills, such as holiday spending, by
building savings now.
Long-term Savings. Save for goals such as a dream vacation, home
or retirement. Small amounts add up! Contributing $500 a
year into an IRA can yield $68,100 after 30 years.
Tax credits may be available for moderate-income workers contributing
to retirement accounts.
Special Purchases. Once you have taken care of the basics, then
you may consider that new refrigerator, sofa, TV, etc. First ask
yourself – is it a want or a need? Are these items essential or
can they be delayed until you have saved for that specific item?
Making good use of your tax refund feels great; however, tax refund
season is not your only opportunity to make financial progress toward
your goals. You can experience that same sense of accomplishment
all year-round. Every week there are opportunities to improve
your financial well-being. For example, families with low to
moderate earned income can save money by having their taxes prepared by
certified, volunteer tax preparers. Since volunteer preparers
electronically file returns, refunds can usually be deposited directly
in a bank account within two weeks, saving the taxpayer from paying a
refund anticipation loan fees.
Volunteer tax assistance is offered by the AARP and Volunteer Income
Tax Assistance (VITA) programs throughout Iowa. Call
1-800-829-1040 to locate the nearest VITA site. Call
1-888-227-7669 to locate the nearest AARP Tax-Aide site. For more
information about family financial issues, contact ISU Extension Family
Resource Management Specialist Erin Ludwig at 563-380-1475 or eludwig@iastate.edu. |
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