Use Tax Refunds Wisely

Are you expecting a tax refund?

Last year, tax refunds averaged more than $3,200 per tax filer. That’s a lot of money loaned to the government interest-free! If you receive a refund this year, you need to plan how to use it wisely!  Allow me to give you a few suggestions. First, recognize that a tax refund can be used to address financial problems. How’s your emergency fund? Most Americans have less than $1000 in savings. Yet, experts say that 3-6 months of savings reduces financial vulnerability to medical expenses, job loss, or other unexpected events. Build that savings account with money set aside for true emergencies!

Do you have high-interest debt? Use a portion of your refund to pay it off! A refund can also pay for things you’ve postponed. Does your family have healthcare needs or the opportunity to further education? Does your home or vehicle need maintenance or repairs? Perhaps your family needs an affordable vacation. Once those areas are covered, invest wisely. Consider making tax-free contributions to your IRA or 401(k) account. If you tithe off your gross income, then you’ve already given from your refund. If not, then pray about giving to your church or supporting individuals or organizations like this radio station. A refund can disappear in days or move you forward for years. Plan to use it wisely!

Now, I’m excited to invite you to join us in Knoxville, Tennessee, September 10th through the 13th. We’re celebrating all that God has done through Crown over the last 50 years. Learn more at crown.org/50years.