How Will You Spend Your Tax Refund?

How Will You Spend Your Tax Refund?

March 28, 2024

Its tax refund time!

Have you given any thought to what you'll do with your tax refund this year? Vacations, cars and home improvement items often top the list, but is that the smartest use of your tax refund dollars?

Is there a better way to get what you want, while improving your financial "big picture"?

Consider this... For home improvements, cars and even vacations, some companies offer zero percent interest financing. Let's say a hypothetical person (we'll call her Jane) wants to spend her $3,500 tax refund putting in new hardwood floors. Instead of giving that money to the flooring company right away, she chooses instead to pay off the $3,500 balance she has on a high-interest credit card. Then she applies for the flooring company's 0% interest financing, and each month pays what she would put toward her credit card balance toward her shiny new hardwood floors. Only now, she's not paying any interest. She may also, potentially, be improving her credit score.

How can you get the most bang for your tax refund buck?

As always, please feel free to give me a call if you have any questions.  I'm here for you, and we can discuss your specific options more in depth.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.