Best Ideas for Using Your 2018 Federal Tax Refund
What is the best idea to use your 2018 federal tax refund? Remember, in a perfect federal tax world, you would owe nothing and get back nothing. You would have paid the proper amount of taxes during the year.
Capital Budget Strategies, LLC, Austin’s best Money Coach, wants you to use your tax refund to build your financial security. For only $149, our Money Coach will meet with you at work, at home, in the evening or on weekends, to help you build a personal budget, set up an emergency fund, create a Debt Snowball Elimination Plan and calm your nerves about paying monthly bills.
Sorry, not as fun as treating your friends to have dinner at Austin’s favorite restaurant, Launderette in East Austin!
First, what not to do with your 2018 federal tax refund:
Do not splurge on a new TV, new car or jewelry.
Do not splurge on a vacation.
Do not buy yourself new clothes because you think you deserve them.
Do not go to the fabulous Austin bar, Billy’s on Burnet, and buy a round for the house (unless you see me there!)
What you should do (in order of importance):
Fund your emergency fund with $1,000.
Pay off your credit cards.
Fund your emergency fund with 5 months of discretionary expenses.
Pay extra on your mortgage.
Fund your Roth IRA.
Fund a child’s college fund.
Some people in Austin plan for a federal refund each year, sort of a federal savings account. That is not the way to get rich. Think about it, the federal government is “holding” your money, interest free, while it could be sitting in your personal accounts.
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