Make an investment and put your Tax Refund to good use.
Very soon the holidays will be over and out of the way. We enter into prepping for spring time and all the joy it brings. Here are a few tips to help you not cheat yourself this spring and improve your financial life.
Least to Greatest tackles the Payoff
So unless you just have no debt at all or your balances are very low let’s be realistic: your not going to be able to pay off all of your balances right after Christmas. No biggie, take your refund to start paying off the balances that are really low until you get to the bigger balances. Or get the card(s) to at least below an 30% utilization rate, which will help dramatically improve your score. Who wouldn’t want at least a 50 point INCREASE in their credit core? Just keep working on paying your bills on time, keeping paid accounts open and your way on your way to a raise in your score.
Check your Credit Report
How would you know where you stand if you don’t know where you are? Having access to this report gives you a picture of what’s messing with your score. Couldn’t get that 0% interest rate on that holiday car deal this year, your score may one of the reasons. Use free tools like www.annualcreditreport.com to access your free annual report. There are also many credit card companies that offer your score on your billing statement. You want to move forward and have the life you want? Been trying this on your own for so long and you’ve just given up? We can help, visit us online for more information.
Rainy Day Fund
Take some of your tax refund and put it in the bank for an emergency fund. What happens when an expected expense pops into the picture and we have 2 weeks until payday? The picture is dark, gloomy, and sometimes so nasty you want to stay inside. You have to use credit cards and there goes that utilization rate discussed above. Avoid all of this by having cash saved that you can access for those rainy days. Keep in mind your an elitian now and having some saving will help eliminate risky decisions that impact your score.
Do right by the refund you receive and invest in some of the tips mentioned above. Take care of medical expenses for you and your children that you couldn’t otherwise afford, make every dollar count. Don’t forget yo have a little fun. Take a family trip on the weekend, put together a car fund to purchase a new car (don’t forget to add in money for the insurance), and budget.