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Tax season will be in full effect soon and because of last year’s later-than-usual start date, some of you may have missed your opportunity to ball out for Super Bowl and All Star. While you may have seen this as a “L”, I’m here to tell you that it actually wasn’t. Most people assume that income tax refunds are their “get out of jail free” cards.
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Somehow Uncle Sam slipped up and blessed them with extra funds. In actuality, that’s not the case. Most people overpay in taxes by improperly filling out their tax documents for employment and not claiming all their deductions. So technically this money isn’t extra money, but more so it’s your earned money that’s been misplaced. With that being said, getting your tax refund isn’t a time to turn up, but rather a time to do what you would normally do with money you earn- act responsibly.
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Pay off current debt. Please do this with the quickness. Take a portion if not all of your refund and pay off the balances on all ACTIVE and OPEN credit cards, loans (including an auto loan) and any student debt accrued.
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Pay your current obligations. If you live on your own (or split bills with a roomie or significant other) then you know that one thing is always for certain- when the first of the month rolls around, so will the reoccurring bills. Take this opportunity to pay those in advance. Submit advance payments on the light bill, all insurance premiums-car, property, medical, dental, life; and any other house hold obligation that you pay such as the telephone, cable and internet. Put “X” amount of dollars on a gas card and save yourself from spending frivolously on gas throughout the upcoming months. The more liability you free yourself of, the more money you can save.
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Pay yourself. If you are free of debt and/or free of obligations, put that money into a money marketing account and/or CD and leave it there. Yes, it would be nice to splurge on those designer duds, but clothes depreciate. The name of this game is appreciation and you want your money to appreciate in value so that you can one day appreciate a life of leisure and relaxation.
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I know it’s not what you want to hear, but my goal is to help you get off the treadmill and start living the life you want.
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-Niko Rose
