How Are You Spending Your Tax Refund?

1

Andy Anderson

Refund Coming at Tax Time!Have you received your refund yet? What are you planning to do with it?  Are you going to pay bills?  Take a vacation?  Save it?  If you’re not sure what to do with it, here are some smart ideas for what to do with your tax refund.

Create an emergency fund

According to a recent Bankrate survey, about 3 out of 10 Americans do not have an emergency savings fund.  These funds come in handy when you have home, car, medical and other unexpected expenses for which you have not budgeted.  Financial experts recommend saving up to six months’ worth of your regular monthly bills.  By doing so, you will have a safety net if you lose your job. For the last few years, my wife and I treated our refund as “found money” and put it in a savings account.  This came in handy when we needed to replace an A/C…

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