What to do with your tax refund?!
Posted by Jessica Flaherty on March 23rd, 2016
According to Governing, Mainers received some of the lowest income tax refunds based on tax year 2011, roughly $2324. To see how other states stack up, click here!
If you are anything like me, that nice “unexpected” chunk of change may tempt you! We hear people in the Making it in Maine classes talk about how they are waiting for their refund to buy something specific, treat themselves or simply catch up on life’s expenses. Is there a right choice? Are there smarter ways to spend your refund?
I follow The Alert Investor on Facebook. Their frequent, easy to read and timely posts in my newsfeed serve as gentle reminders about financial topics I need to know about. Plus, the site is run by our grantor, FINRA, so the information will always be unbiased and safe! Recently, they posted a list of Six Smart Uses For your Tax Return and I simply had to share it! I am copying the list below, but I really encourage you to check out the full story!
1. Pay Down Your High-Interest Debt
2. Supersize Your Savings
3. Fund Your Retirement Accounts
4. Bulk Up Your Kids’ College Funds
5. Invest In Your Career
6. Plan For Next Year
As the article says, for many, the tax refund is the single largest check people receive in a year, use it well. But, maybe treat yourself too, just a little!
Haven’t done your taxes yet? We can help. There is still time to take advantage of our local FREE AARP or CA$H Maine tax preparation. Learn more here: http://www.curtislibrary.com/2016/01/31/free-tax-preparation/
Not sure where to start with getting on the straight and narrow with your finances? We can help with that too! We are hosting the My Money Works series Thursdays, April 7, 14, 21, 28 , 9:30—12:30pm Seminar Room. This class can help you gain the skills and confidence you need to stretch your money, pay your bills, reduce debt, find money for savings, plan for retirement, and set personal financial goals. At the end of the class you will have a plan to achieve greater financial stability. To register for these FREE sessions call 386-1664 or email Erica.email@example.com. Or register online: http://newventuresmaine.org/schedules/my-money-works-41/