Perspective: What to do with your tax refund
What to do with what many consider their yearly bonus? By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist March 28 at 8:50 AM For many households, their tax refund is the largest infusion of cash during the year aside from their regular paychecks.I must, before I give my suggestions on what you might do with your refund, remind those who may not know why it’s not wise to wait for this “windfall.” As of March 15, the average refund was $2,957.
“Four in 10 adults, if faced with an unexpected expense of $400, would either not be able to cover it or would cover it by selling something or borrowing money,” the report said.When you can’t meet a sudden expense, the options to finding money can be less than optimal, such as a payday loan or getting further into credit-card debt.— Boost your rainy-day fund. Let’s say you have an emergency fund but it’s pretty pitiful.
— “We put our refund toward our property tax and built up an emergency fund. You need to replace appliances so it is important to have the money on hand.” — “My husband and I will upgrade the back entrance to our house with a safer one — a platform and steps," wrote Nancy Randall from Adelphi, MD."Also, we will take a five-day trip to Maine this summer. Our savings are in good shape.”
— “We spent our MUCH smaller refund this year on a week-long getaway to Canada so that we could escape the in-your-face 24-hour news cycle of the ever-present presence of our mean and nasty president.”What were you surprised about in filing your taxes this year? Share your stories and help spare others from being scammed. Send your comments to [email protected]. Please include your name, city and state. In the subject line put “Tax Season 2019.”Please join me for my live chat at noon .
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