{"id":14832,"date":"2018-03-29T15:46:42","date_gmt":"2018-03-29T19:46:42","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=14832"},"modified":"2023-06-06T12:39:26","modified_gmt":"2023-06-06T17:39:26","slug":"4-smart-things-to-do-with-your-tax-refund","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/4-smart-things-to-do-with-your-tax-refund\/","title":{"rendered":"4 Smart Things to Do with Your Tax Refund"},"content":{"rendered":"

With the average refund standing close to $3,000, you probably already started thinking of all the ways to spend your windfall.\u00a0 Contrary to popular belief, not everyone runs straight to the mall when they get their money.\u00a0 Most Americans are planning to use the cash to put themselves in a better financial position.\u00a0 If you have a refund heading your way, here are some smart ways to put it to good use.<\/p>\r\n

 <\/p>\r\n

Save it
<\/strong><\/h2>\r\n

A recent Bankrate survey revealed that 19% of working adults don’t save any of their income.\u00a0 Some people blame their lack of savings on their expenses but others claim they just haven’t gotten around to it.\u00a0 In either case, they’ll be kicking themselves when an emergency pops up and they can’t afford to cover it.\u00a0 Accidents happen, things fall apart, and you need to be financially prepared to pick up the pieces when it does.\u00a0 The rule of thumb is that everyone needs to have at least six months of expenses earmarked for emergencies. With your refund in hand, you no longer have an excuse for why you can’t save.<\/p>\r\n

 <\/p>\r\n

Pay off debt<\/strong><\/h2>\r\n

If you have any high-interest debt, use your tax refund to reduce what you owe.\u00a0 The funds may not cover your entire balance but it will get you moving in the right direction.\u00a0 Start by ranking your bills from the highest to lowest interest rates.\u00a0 This is the order in which you will be attacking your bills.\u00a0 You still need to make the minimum payments on everything else though.\u00a0 By taking this approach, you\u2019ll save money because you\u2019ll be paying less interest over time.<\/p>\r\n

 <\/p>\r\n

Open an IRA<\/strong><\/h2>\r\n

Investing in a Roth IRA<\/a> is a smart way to save for your retirement.\u00a0 It doesn\u2019t take much to start and your earnings grow tax-free.\u00a0 Most people can contribute up $5,500 annually to the account.\u00a0 However, those 50 or older can add an additional $1,000 to the pot.<\/p>\r\n

 <\/p>\r\n

Buy life insurance<\/strong><\/h2>\r\n

Surprisingly, 41 percent of Americans don\u2019t have life insurance.\u00a0 You may feel like you\u2019re in your prime now but we\u2019re all going to die one day.\u00a0 Some of us unexpectedly.\u00a0 If you have people relying on you financially, you need life insurance.\u00a0 This will replace your income and provide a safety net for your loved ones when you’re no longer around.\u00a0 For those looking to save money, choosing term over whole life coverage is a lot easier on the wallet.\u00a0 The downside is that term policies are only good for a limited time and they don’t accumulate cash value like a whole life policy does.<\/p>\r\n

 <\/p>\r\n

 <\/p>\r\n

File your taxes fast and ez in 30 minutes or less.<\/h2>\r\n\r\n
\r\n
File Now!<\/a><\/div>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"

With the average refund standing close to $3,000, you probably already started thinking of all the ways to spend your windfall.\u00a0 Contrary to popular belief, not everyone runs straight to the mall when they get their money.\u00a0 Most Americans are planning to use the cash to put themselves in a better financial position.\u00a0 If you […]<\/p>\n","protected":false},"author":3,"featured_media":14986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-14832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\n4 Smart Things to Do with Your Tax Refund<\/title>\n<meta name=\"description\" content=\"You filed your taxes online fast and ez and now your refund is on the way. 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