April 15th is just around the corner and hopefully most of you have your taxes done. For those of you who have done that weeks ago, What did you do with your tax return?
New York (CNNMoney.com) shows us some tips from the pros on the best way to spend your refund cash from Uncle Sam.
If you are expecting a big refund this you have visions of plasma screens or Hawaiian vacations dancing in your head. But with the economy beginning to come out of a recession there might be more practical ways to spend the extra cash.
Pay off credit card debt- "You pay off your debt first, no ifs, ands or buts about it," said Drew Tignanelli, president and CPA at the Financial Consulate.
Build up emergency savings. Given the precarious labor market right now, building up a reserve fund of cash ought to be a top priority.
Invest for the long term- While stocks have started to climb back from multi-year lows, the major indexes still have a lot of growing room, and now is the time to take advantage.
Refinance- For those without debt and job security, lowering monthly housing payments might be the way to go. Lending rates are at record lows, and by locking in a lower rate, you save money every month, said Plechner.
Treat yourself- If you're on top of your debt, feel secure in your job, and have a cushion of cash built up for emergencies, then even professional financial advisers are OK with you splurging on that new TV or vacation.
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Let's hear what you are doing with your tax refund.
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