Spend Your Tax Income Wisely
By: Sharon Brooks, Family Trust Financial Counselor
It’s Tax Season.
Last year, over 100 million people received income tax refunds. Were you one of them? Do you expect to get a refund this year? If so, what do you plan to do with it? Are you paying bills with it or putting it into savings?
Studies show that many Americans use their refunds for basic needs such as groceries, rent, medical care bills. Studies also show that while about 40% of people say they plan to save some or all of their refund, only about 20% of those actually do. Did you know that only 4 in 10 Americans are prepared to handle a $500 emergency. Would your income tax refund be a good place to start to get an emergency fund established?
If you aren’t sure, let me know. I will be happy to review your current situation and help you set goals to decide if buying that big screen TV is right for you, or would it be wiser to pay down debt or put some money in savings.
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