Given that your tax refund is the biggest windfall of money you will get all year (it’s sort of like winning the lotto), it’s important you don’t blow it jokingly.
Let’s be honest, who doesn’t love to daydream about an extra vacation or buying something new, but remembering the long-term financial consequences will help bring you back to reality. Instead of thinking about it as a negative, think about it as an investment for living a wealthier life in the near future.
So before that money burns a hole in your pocket, take some time to think how you can be wise and put that money to work.
1. Building your emergency savings: If an emergency becomes a crisis, this will help save you from borrowing money. Always build up an emergency savings for those hard times to keep from getting into more debt. Remember it pays to save!
2. Pay down debt: Pay down the balance of the credit cards with the highest interest rates. These are the credit cards that really hit you hard financially. Start with the highest and work your way down.
3. Invest in you: Invest in acquiring new skills here at Georgia Northwestern Technical College (GNTC). Taking up classes or online classes and getting those degrees will help further your education so you can land a better job or higher salary. When you invest in your education, you can’t go wrong!