It’s the time of year when many of our members may be getting money back from their federal or states tax return. Congratulations if you are!
We know all our members, no matter what their tax-bracket is, are working hard to manage finances and pay for life’s necessities. We get it! We also know that hard work and no play gets discouraging if your finances are limited.
With the rising costs of living in Southern California, we always encourage you to make good financial decisions. And tax season is no exception. It can be very tempting to spend the extra money on non-necessities. Maybe you are itching for a vacation or new car. If you are in need of a car, we do have great auto loan options available.
Instead of spending all of your tax refund on non-necessities, we encourage you to do the following instead:
Splurge Within Moderation
Find something that will bring you happiness but don’t use your full return on it. Perhaps it’s a nice dinner out with your family or new bikes for your kids to ride this summer. Or some shoes that will make you feel like a million bucks at work. Shop around for the best deal, take out the cash required and not more, and enjoy.
Pay Off Some Debt
If you have some overdue bills that are impacting your credit score or want to get ahead on your mortgage, rent, student loan or car payment, this is a great time to do that! Not only are you putting your money to good use, in the long run, your financial health will benefit.
Boost Your Savings
Designate an amount you can afford and feel comfortable with, and put it into your savings account for a rainy day or goal you are saving towards. You will feel great in a few weeks when you look at an account with more money in it, instead of questioning where your tax return money went so fast!
Give Back To Someone in Greater Need
If you are in a good financial situation and you know of an individual or charity in need, now is a good time to donate what you can afford. Not only will you be helping someone or an organization that is doing work to help the community, but you might be able to deduct the donation from your 2018 taxes.