For most of us, getting your refund check is about as close to winning the lottery as most of us will get. Also for most of us, the first thing that goes through your mind is all the ways you could spend it. However, there's always this little tiny voice in the back of your mind that says you should save it. Should you squash that voice or actually listen to it? The answer we came up with at Auto Credit Express is actually both! If you're confused, just keep reading.
5 Questionable Ways to Spend Your Refund
It's okay to treat yourself with your tax refund. Repeat this with me though, "I will not blow through my refund; I will not blow through my refund." I know it may be very tempting to go buy season tickets for your favorite team; or to go on that shopping spree you've been wanting, but your tax refund presents an excellent opportunity for you to protect yourself financially.
Take 10% of your total refund and spend it on something fun for you and your loved ones. The rest of the refund you should save and put away in your savings account. Put it towards your emergency funds; you'll want to have at least 6 months of living expenses set aside for any emergencies that pop up out of the blue.
If you're not sure what are bad ideas to spend your money on, take a look at few ideas we gathered for you.
- Throwing huge parties
- Spontaneous shopping sprees
- Buying new gadgets "just because"
- Using it as a checking account buffer
Invest Your Refund
While only you may know what the best way is for you to spend or not spend your refund, here at Auto Credit Express we encourage you to invest your money where you will find the most value and worth. For instance, a new or used vehicle is a great long time investment. Even if your credit history is bad, we can help you find the dealers in your area that are ready and able to finance you now! Just apply today using our easy online application and you'll be in the car, truck or SUV that you want to drive away in.