How to Spend Your Tax Return!


Its that time of year again the time most of us look forward to, Tax time!

So what will you do with your tax return this year? Every year people get this lump sum of money and don't know what to do with it.

Let me correct myself they know what they want to do with it, but that isn't always the best thing to do with it, people use their tax money as a way to pay for all the things they didn't buy themselves all year. Bad idea.

They splurge on new clothes, designer bags, shoes, vacations! All types of superficial things

It's time to use your tax money for things you will NEED in the future regardless of what you want right now.

Here is my list of alternate plans for your tax money that you should definitely consider!

1. Save it- now a days especially with the job market being so unpredictable its vital to have an emergency fund handy. People are unemployed for on average of 6 months right now and even at its max unemployment only gives you $1600 a month, can you survive for 6-9 months on that alone or would you need some supplemental cash? That money can only come from an emergency fund. Start one if you don't have one already

2. Invest it- depending on your age today and how much you already have saved towards an emergency it might be high time you set up a retirement account. The trick to retirement money is starting early and letting that money compound its interest, the further away you are from retirement the better, open a IRA and sock away 5000 before April 15 2010 for 2009 contributions and sock away another 5000 for 2010 throughout the rest of the year!

3. Pay down your debt- there is always a debate of whether to save first or pay down your debts first, here's my take, if you pay down the debts but have no money saved when you hit an emergency all you have to rely on is more debt again, its better to stash some sort of cash for a rainy day Real Emergency! and use whats leftover to pay down the debts.

4. Need a car? Buy it cash- tax time is also when people decide to use their return to buy a car. My suggestion buy a used car and buy it all cash. This is not the time to finance! Who really wants more debt right now? Besides new cars lose 20% of their value as soon as they drive off the lot and almost 40% of their value by the 2nd year, while you still pay 100% of the sticker price. Doesn't take a genius to figure out the math here!

Need an individual tax money action plan personalized for you? Email me at askcarriepink@gmail.com

xoxo
Carrie Pink
Pretty World Inc
Modern Day Supergirl

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