Now that April 15th has passed, hopefully you’ve finished your taxes and have sent them in. If you’re expecting a refund, what are your plans for them?

While it may seem like an unexpected windfall, we all know that we just overpaid our taxes before, and are getting the money back now. So what should you do with the refund? Well, first off, if you have any credit card debt, it would be great if you use at least some of the refund to put towards that! You’ll end up paying less interest, and will be able to get rid of your debt sooner!

Don’t have any debt? Well, you can use your refund to start (or add to) a savings account, so you’ll have an emergency fund, or you can start saving up for something!

I’ve personally found that a place like ING Direct is a great place to have a savings account. It’s still very easy to get your money, but it’s not as quick as going to your ATM machine down the street, so you actually have to spend a few minutes thinking about what you want to buy with money in that account, before you transfer it to your bank. This has made it a great place for me to put savings away that I know I won’t touch for a while.

If you want to vacation, using part of your refund towards a nice frugal trip is a great option as well, especially if there never seems to be any money left in the budget for a vacation. Just make sure that you still find the best deals you can…then you can go on vacation, and add to your savings account!

Here are some similar posts you may be interested in:

• Unclaimed Money
• Radio Disney Concert Series in Wildwood, NJ
• 2008 – A New Year, a New Chance to “Start Over” with Money
• Avis Rent a Car – 15% Off Weekly Rentals
• Save Money by Getting all the Refunds you Deserve!

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Tags: what to do with tax refund

This entry was posted on Wednesday, April 16th, 2008 at 11:58 am and is filed under Saving. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.