Oftentimes the initial thought when we learn we are getting a return is that it’s time to celebrate!

We want to do something big with it – like book the vacation we’ve want to go on, make the big purchase we’ve been putting off, do some home renovations, or even pay off debt – unfortunately, even though these are done with the thought that this is all “extra money” to do it with, we can often regret our choices when a whammy hits us on the back side. In this episode, Coach Jill gives you a few things to think about to make sure you are using your tax return in the best way possible.

Reminders of what to consider with your return:

  • Download our Tax Refund Checklist here
  • Resist temptation to do something “fun” with all of the refund. Think about using the 10/90% rule. 
  • First ask yourself what your initial plans with this money is – get clear on the various options.
  • Consider whether a whammy, or a large unexpected expense, will derail this plan. 
  • Evaluate your current emergency fund and make sure you have a minimum of $1,000 saved for a true emergency. 
  • Consider any debt you may have and identify the order in which you will tackle them. 
  • Finally, you should consider what are the three most important things in your life. Make sure this extra money is truly going towards the things in your life that will give you the most fulfillment and make life most meaningful.

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