When I asked a few weeks ago how you would most likely spend your tax refunds, more than half of you said you would use the money to pay off debt.
Well, good news! Paying off or paying down debt is definitely one of the smart ways to spend your tax refund.
According to Visa's Director of Financial Education Programs Jason Alderman's article Use your tax refund wisely, paying off debt is at the top of the list for wise, recession-smart ways to spend a tax refund.
Also making the list of Recession-Smart Ways of Spending Your Tax Refund:
- Saving for emergencies
- Saving for the future
- Investing in personal career development
- Investing in your family's future
- Paying for a session with a financial planner
We paid off a big chunk of debt, set up a little savings plan, and figured out a tighter budget plan for 2009. This list is a good reminder of what to do once our remaining debt is paid off.
+++ What about you? Do you have any smart ideas for spending or investing a tax refund.