What to do with Your Tax Return

image from EdgeWave Security Blog

image from EdgeWave Security Blog

Jackie Bradshaw, Entertainment/Student LIfe Editor

You’ve paid your debt to Uncle Sam all year, so if you get a little cash back in your tax return, be sure to make the most of it. There are a multiplicity of Do’s and Don’ts that come along with your money. Make sure you have a plan in place for your check. Remember the government isn’t giving you a bonus check, it is your money that you should have had all along. Building a savings account is very crucial to living in the 21st century.

SAVE IT. Take a portion of your tax return and save it. You should be saving money regularly out of each pay therefore, don’t treat your tax return too differently from a regular paycheck. Don’t spend it wastefully, like stated before it is not a bonus check. Saving money is always helpful for an emergency or a nest egg for college and or after college.

Make a plan and make certain that you have a suitable proposal for it. For example, if you need your car fixed or a payment is due, it would be wise to use some money from your tax return to take care of issues like that. A little extra cash is never bad unless you spend it carelessly. When it comes to spending this money, spend it on something you need. If you are going to spend your tax return, spend it wisely.

After your hard year of work it is okay to spoil yourself a little as long as you don’t blow it all. Spring is approaching, so it may be time for a wardrobe change. Maybe split it in half; half for saving and half for spending. This way you can feel good about yourself and not feel like you spent a bunch of money pointlessly.

In the end, it’s all up to you, your self-control and will power. You may receive your check in the mail and go money crazy. However, it is very important to save for your future. Please, please, please make a plan for your money. But it is okay to spoil yourself; after all you worked hard this year.