Using your tax credit wisely

Use Your Tax Rebate Wisely, Gain More Than Just $$$
By: Victoria Woods, The Financial Diva
It’s wise to think carefully before rushing to spend extra cash.  I recommend looking at your current financial situation and evaluating the best course of action.

Options include;

1. Paying Down Debt – if you have credit card debt, your check should go toward paying it down.

2. Shopping Around For Savings – if you plan to sock away your tax rebate in savings, shop around.  Check with several banks or credit unions for the best interest rate.  Many Certificates of Deposit (CDs) are offering competitive rates that are higher than traditional savings accounts.  However, it is important to remember funds placed in these accounts are not as readily available as those in a traditional savings account.
An alternative might be opening a Preservation Strategy account.

3. Be a Disciplined Investor – I will again reiterate the Contrarian Theory; go against what most of the crowd is doing.  The idea is to look for undervalued and sometimes less popular opportunities.  Remember; “Consistency Will Always Outperform Occasional Brilliance”.

4. Giving Before You Get – Many people and charitable organizations are struggling.  Why not take some or all of your tax rebate and give it to the charity of your choice?  When you give, you get in abundance.

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  1. Christian S. on March 20, 2010 at 1:26 pm

    Great post! Can’t wait to get my refund this year. Don’t forget Credit Unions and Money Market accounts for cash reserves. They have been paying us better than CDs! I did some comparing & really like OECU.

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