ROANOKE, Va.—The prudent choice is not always the first choice when money temptation sets in. Especially when it comes to a big refund check.
With state and federal tax refunds being deposited, it's a good time to look at smart ways to use that money.
Rod Nunez, outreach coordinator for Freedom First Credit Union, was a guest Monday on News 7 Mornin'. He says when you are planning on what to do with your tax refund, aim for 1/3 - 1/3 - 1/3. That's 1/3 savings, 1/3 pay off debt, and 1/3 spend.
SMART Ways to Use Your Tax Refund
1) Pay down your existing DEBT
Pay more than just the minimum to have the maximum benefit.
2) Create an EMERGENCY FUND
You know change will happen so prepare for it.
3) Plan for known future expenses:
*Home Down Payment
4) Spend on Home Improvements
Add value to your home, realize a return on your investment, enjoy the benefits while you live in the home.
5) Spend on things that will add REAL VALUE to your life
Education, building family memories, donate to a church or nonprofit.
Nunez is an instructor in an education series called Money Mondays. The free seminars and workshops are held each month at the Jefferson Center in Roanoke.
Upcoming Money Mondays topics:
February 28 - Savings
March 28 - Credit Cards
April 18 - Credit Report
For registration call (540) 378-8939 and leave a message or email RSVP@moneymondays.net