The clock is ticking to file your taxes! If you haven’t done so yet, they are due next week on Tuesday, April 18.
How do you spend your tax money?💰
The IRS says Americans are seeing around 11% less of a tax refund this time around. However, if you do get some cash, News 3 Problem Solver @Emiller_reports is helping you with five smart ways to spend it.https://t.co/2kcPXixUuR
— WTKR News 3 (@WTKR3) April 11, 2023
The IRS says Americans are seeing around 11% less of a tax refund this time around. However, if you do get some cash, the News 3 Problem Solvers are helping you with five smart ways to spend it.
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Lynette Khalfani-Cox with AskTheMoneyCoach.com says your tax refund is a prime opportunity to make some smart money moves. Here are five ways to spend your tax return wisely:
- Tackle your high-interest debt. You could either pay it off or plan to pay it over the next year. This includes credit cards or personal loans.
Boost your emergency savings fund, and then leave it alone.
"We know from study after study that the average American doesn't even have $500 stocked away to deal with an emergency." Said Lynette Khalfani-Cox.
- Purchase a life insurance policy. Khalfani-Cox suggests purchasing one that covers about five to 10 times your salary.
- Show your retirement account some love. She says you can do this by increasing the amount you contribute to a workplace account, or to a traditional or Roth IRA.
- Treat yourself! If there's enough money left over, the money expert says you can put that cash towards investing in your hobbies. This could be setting aside money for a gym membership, a new wardrobe or your next vacation.
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Tax season can be tricky, but the News 3 Problem Solvers are here to help you navigate any issues.
If you have a consumer tip or a tax refund problem you want the Problem Solvers to look into, email us at problemsolvers@wtkr.com.
