April 2023 Edition

Family & Consumer Sciences
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Using Your Tax Refund Wisely
It’s that time of year when we
get excited about our tax refunds.
By responsibly using
this one-time infusion of cash,
you can improve your financial
standing.
You could wisely use your tax
refund to add to your emergency
savings account. Most
of us do not have enough money saved in the event of job loss, illness,
or another unexpected event that prevents us from working. Most financial
experts recommend having at least six months of income
saved to help you work through financial hardship. This fund can also
help cover unexpected or emergency household repairs.
You could also choose to reduce your debt with your tax refund. Paying
off high-interest debt as quickly as possible is a financial win-win because
it reduces the principal on your loan and lowers future interest
payments.
Make an extra mortgage payment toward the principal. Much of a mortgage
loan goes toward interest and not the principal itself.
Investing in your family’s future is always a wise move as it will continue
to guarantee future financial stability. You could use your return to
start or add a college savings fund for your children or to start or add to
your retirement account.
If you must spend your tax refund, make wise spending choices. Consider
purchases that allow you to make improvements that add to the
resale value of your vehicle or home or to make home improvements
that lower energy costs.
You are never too old to learn a new skill. Use some of the refund to
take classes or learn new skills or hobbies.

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