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A friend of mine is getting a massive tax refund – almost $10,000. I’m frustrated that my friend lets the government keep his money interest-free for a year. But he likes the big cash influx, which he is more likely to save than if he had received a slightly bigger paycheck every two weeks during the year. Here is what he said when I asked him about his return.
“What are you going to do with it?”
“Put it in the bank.”
“All of it?”
“Yes. Why not?
“Isn’t there anything you want to spend it on?”
I guess he didn’t get the memo that Americans are big consumers. Not that I want him to spend it all. I’m just surprised that he is not going to spend a fraction of it on himself.
If you are getting a refund, here are five things to do with it:
- Pay off high-interest credit card debt.
- Pay off any other high-interest debt you may have.
- Boost your emergency savings account.
- Contribute to your IRA, Roth IRA, or other retirement fun.
- If you’re in a good place on the above four, spend a little on yourself!
If you haven’t filed, here are three places you can file your taxes online for free. Remember to review the new tax credits available and use all the tax coupon codes available. If you are looking for paid help, here are tips to hire a tax professional.