Wednesday, March 16, 2016

What You Should Really Do With That Tax Refund

This is the time of year everyone who files their income taxes either tries to get a refund,or pay as little as possible in taxes.

But the good old IRS or the CRA in Canada wants their cut obviously.

But what do you do with that tax refund of one thousand dollars?

Lets just say that's what it is.

Here's what you do with it:

You may not like it,but you're better off financially.

Pay off your damn credit card!

Lets say you owe 250 to your credit card. Pay that off automatically.

Next:Pay off your car insurance that you might pay monthly. lets say that's 200 bucks. I don't know what car insurance rates are in the US--but here in Canada they're sky high.

So pay that off. Okay, you're at 500 dollars now.

Now,go out and buy everything you need for the house food wise,and hit up your local Costco or cut rate grocery store where you can save money. You obviously know how much you pay for toilet paper,toothpaste and regular food,so you can save money.

To me, that's a better deal on your money than putting it in a mutual fund or stock where you don't know if you'll ever make any money. You know how much you spend on food,and stuff for your house,so why not stock up and buy in bulk?

Why not? Spend 300 bucks.

Okay,you're at 800  bucks now.

Alright,buy some gas for that gas guzzler you have,and fill it up. That might be 100 dollars depending on where you live. Now you're at 900 dollars.

You have 100 left. What to do?

If you're a family who loves sports but can't afford to go see your favorite MLB,NBA or NFL stars--opt for watching local minor pro baseball or even soccer which is an up and coming sport. Buy some
junk food for the kids,you can have a couple high priced beers--and enjoy being at a sporting event.

And you're with the family.

That whole tax refund spent on things you really need,and need to pay off,including a cheap night out
watching local sports.


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