Ah, taxes. The time of year where so many people agonize over where they are going to find enough money to pay the government, while so many others gleefully spend their massive tax refund. It’s an amusing dichotomy, and it makes for some interesting anecdotes as I see the way friends and acquaintances plan to deal with their financial situation. If you’re like me, you will be getting a tax refund this year. Thanks to some old student tuition credits, my wife and I will both be getting some money back on our taxes, and so we have to figure out exactly how we are going to deal with the money. While we already have an idea of what we are going to do with the money, others may not. Here is what you should do with your tax refund.
- Emergency Fund (if you don’t have one)
- Debt Repayment
- Emergency Fund (if it is less than 3-6 months of expenses)
Start An Emergency Fund
Increase Your Emergency Fund
How are you going to spend your tax refund?