7 Top Tax Refund Dos and Don’ts: It’s Your Money, Don’t Blow It!

What to Do With Your Tax Refund:1. Pay Off Any High-Interest Debt First

It doesn’t sound sexy, but if you can knock out some debt  (often credit card debt) that’s costing you money each month, you can take a huge positive step financially. There are different approaches like paying off the highest interest or paying off the biggest amount first (which can sometimes mentally be a big motivator), so look at various options for paying off credit card debt to make it work best for you.

2. Stash Money Away for an Emergency Fund

Only 39% of Americans say they’d be able to cover a $1000 emergency expense with savings, according to a 2018 Bankrate survey. If you’re in the majority who doesn’t have that savings stashed away, it’s a good idea to save money for a rainy day in case you need it. An emergency fund will keep you from having to charge emergency costs on higher interest credit cards or having to get creative to pay for something that pops up.

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