Tips & How-Tos // 08.11.14 // 1 Comments

The #1 Thing to Do with Your Tax Refund

As the holiday bills roll in and taxes are filed, many of you are probably eagerly awaiting your refund. Lynnette Khalfani-Cox, The Money Coach, says the refund should be used to help you achieve your financial goals in 2014 with this "found" money. Lynnette says the IRS claims that the average US tax refund is about $3,000, which can definitely help you on your way!

If Your Goal is to Pay Down Your Debt
If you're committed to becoming debt-free in 2014, use a third or half of your tax refund to pay down your debt on the highest interest cards or loans you have.

If Your Goal is to Save More Money
Lynnette says you'll never regret saving more money, but you will regret spending more. She advises taking a third or some portion and putting it in a "don't touch account." This is a savings account that is hard to get to.

How do you plan to reach your financial goals this year?

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