Let’s talk about about taxes, the good part, refunds! Did you know the average federal refund is $3,120, and eighty-three percent of returns result in a refund? We know good financial health is important, but where are the best places to put the extra funds your family may be receiving this year?
I’m so excited to share with you some helpful tips from my friend who is a finical planner. She’s given me some great tips to help make the most of your returns!
Top 5 Ways to Make your Money Work for You
1. Pay off a debit
2. Open a Savings Account
3. Invest in Yourselves
4. Invest in Retirement
5. Invest in a Business
1. Pay off a Debit
- If your can wipe out a bill like a high interest credit card, your student loan or your car loan this is the area to first consider. Any of these debts can be severely difficult on families, and greatly reducing, or completely eliminating them can take a lot of burden off monthly bill payments.
2. Open a Separate Savings Account
- By opening a separate savings account, you’re more likely to use the money for its intended purpose. Use it to pay ahead your car insurance for the year, or set money aside for a vacation or trip for later in the year. If you don’t already have an emergency fund, this would be a great time to start it. If you’re a big spender for the holidays, put it aside for Christmas gifts for the end of the year.
3. Invest in Yourselves
- Continuing education is so important, be a life-long learner. Now’s a great time to plan out the rest of the year to attend conferences for any continuing education credit needed to maintain any professional certifications you or your spouse might have. Even if you do not have a professional certification, perhaps there are courses at your local community college you would be interested in taking.
4. Invest in your Retirement
- If investing in your retirement is an option, contribute to your Roth-IRA before you file taxes, or open a new Roth-IRA to take full tax benefits this year! Learn how to open a Roth-IRA here.
5. Invest in a business you want to start
- If you’re really ambitious, invest in yourself by starting your own business. Women owned businesses account for 31% of all privately held firms and$1.7 trillion in sales as of 2017! “Choose a job you love, and you will never have to work a day in your life.” This statement is often attributed to the ancient Chinese teacher Confucius.
Maybe this year will be the year you take control of your financial future. I wish you the very best and would love to hear your strategies for contributing to your family’s financial health! Please comment below.