Flexible Spending: Stretch Your Tax Refund Dollars
you get a tax refund, what will you do with it? This year, one in two
Americans receiving a tax refund (50 percent) say they plan to spend the
extra money on bills or other household expenses, as opposed to
vacations (15 percent), leisure activities (8 percent) or gifts (4
percent), according to a recent poll from Cricket Communications.
survey also noted that more than three-quarters (78 percent) of
Americans receiving their refund will be "smarter" about how they spend
it, with more than half (55 percent) pledging they are more likely to
use refund dollars on practical "needs" instead of "wants."
give you tips on stretching tax refund dollars, Cricket has partnered
with certified financial planner and savings expert Robert Pagliarini,
author of "The Other 8 Hours," and "The Six-Day Financial Makeover."
â€¢ Set up an emergency fund -
Stocking away six to twelve months of expenses can really help if you
find your home equity line of credit has been reduced -- or you face
unexpected medical fees arise.
â€¢ Open a 529 college savings plan -
According to the National Center for Education Statistics, the cost of a
college education continues to rise every year. Between 1999-2000 and
2009-10, prices for undergraduate tuition, room, and board at public
institutions rose 37 percent, and prices at private institutions rose 25
adjustment for inflation. Planning early and setting aside money for
college now is the most important thing you can do for your children's
â€¢ Seek out classes to boost budgeting skills -
Taking a refresher course at a community college or neighborhood center
can help boost financial planning skills that you currently have or
help you learn a new one.
â€¢ Research the best deals on monthly expenses -
There are expenses you will incur each month, such as food,
transportation and cell phone costs, which are easy to re-evaluate and
cut -- as long as you do the right research. For example, choosing a
pre-paid wireless provider such as Cricket will help you save hundreds
of dollars each year, without sacrificing all of the fun apps, games and
music that your family enjoys. Cricket has the latest devices with a
no-contract plan that includes unlimited talk, text and data for less than half what you'd end up paying at a larger wireless provider.
I think the ups and downs of the economy in general over the last few
years have caused many of us to refocus on what's important in our
lives.Â So, regardless of what you decide to do with your refund, if
you're even getting one,Â remember to hug your spouse, spend time with
your kids and, if they are still on this earth, call your Mom and Dad
and just say hello.Â
You'll be glad you did.
Prices AND interest rates are at an all-time low and it's a great time to invest in the real estate market.Â Contact TeamDAVES today and let us show you some great values!