Well it is that time of year as we all scramble to get our taxes done and sent in either quickly to get our refund or waiting to the last minute because we owe the IRS. If you are getting a refund what are you going to do with it?

It is very easy whether it is a tax refund or other money we come into to take it and start getting things we have on our wants list. When we do this we quickly realize it is gone and we are not sure many times where it went and then we find out that we have needs that we should have used it for.

Try this once you know how much you are getting and before it is deposited make a plan. Sit down with your spouse (if you’re married) if you are single sit down with someone you trust and make a plan. We say it a lot at The Finance Coach have a plan for your money before you get it so you are “telling your money where to go instead of wondering where it went”.

Think through all of the things you can use the money for paying off debt, getting a 2nd used vehicle, getting your emergency fund going, having a special date. The options are truly endless as you are thinking about how to spend the money you are about to get. Once you have a list together now it is time to prioritize and spend all of it on paper as to what you both agree are the most important to reaching your goals. Also, take a portion maybe not a lot of it but some and have fun as well.

If you need help getting a plan together for your refund and/or for you monthly income give me a call 317.858.7270 or send me an email @ jeff@TheFinanceCoach.net and we will talk to see if I am the right person to help.