Preparing to Spend Your Tax Return
193 views · Published 2 November 2017 · 2:26 · Indexed 20 October 2026
Channel: Utah State University Extension · 2017 · Education
Should you be one of those lucky citizens of this great country who is receiving a tax return in the next few months, it is always advisable to have a plan of what to do with that money before it rolls into your bank account. Hello and welcome back. It’s Amanda Christensen with Utah State University Extension. Today I have some tips for how to wisely prepare to spend your tax return. My number 1 tip is to have a conversation with yourself and think through, what are your biggest financial needs right now? Is it putting more into retirement? Is it paying off debt? Is it saving for a big ticket item coming up? Be that college education, or a wedding, or a family vacation, whatever it is, you decide first, before that return even hits your bank account, so when it does, you know where it’s going. My second tip is to cut yourself a small piece of the pie. Give yourself a little bit of spending money or money to do whatever you wish with. This will help you feel, when you put the larger chuck of money towards your debt, or savings, or investment, or whatever it be, it will help you feel a little more happy about doing that, since you had some of the money to play with. My third tip, since you don’t know exactly how much money is coming by way of your tax return, take a percentage of what that money will be, whatever it will be, and decide 50% towards this, 40% towards this, 10% for me. Decide what those goals are, break them up, and have that percentage in your mind, before that money comes, so that when the dollar amount comes, and it is real money, real time, you’ll be able to move forward with your plan without a hitch. Anyways, that’s all I have for today’s quick tip video on steps, prepare to use, what’s, what are we calling this video? That’s all I have for this quick tip video. Please feel free to leave a comment below and share what are some of the ways that you’ve successfully used your tax return or divided it up amongst your financial goals, I would love to hear. Also check the description box below for links to more resources and feel free to like this video if you enjoyed it. We’ll see you next time, bye. .................. Connect with USU Extension! Facebook - http://facebook.com/usuextension Twitter - http://twitter.com/usuextension Pinterest - http://pinterest.com/usuextension LinkedIn - http://linkedin.com/company/usuextension Google+ - https://plus.google.com/+usuextension
