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Stop, Think And Save.....
By
Kathy Jo Pollack |
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Soon about 130 million U. S. taxpayers will receive their share of 160 billion dollars. What will you do with yours?
There has been a lot of hype about this rebate with the hope that it will be spent and thus stimulate the U. S. economy. Before you give in to the pressure and spend it, why not buy yourself a little time. Think about how it can benefit you, before you spend it.
Here are some quick points to consider:
First, think of this rebate money as a financial opportunity for you! How can it bring the most benefit to you?
You may want to start by treating yourself! Yes, I said treat yourself. Is there something you have had your eye on for a while? If so, consider taking a small part of your rebate money and treat yourself. It is okay to be good to yourself as long as it does not break the bank. Also, this may satisfy your urge to spend, freeing you to now think about maximizing the remainder of your rebate.
Next, let’s look at your savings. Do you have an emergency fund to cushion you when (not if) you are hit with an unexpected expense? Can you easily cover a bounced check, furnace repair, or deductible on your insurance policy? If you are feeling a little squeamish with the thought of these things, consider putting at least $500 in your savings account for an unexpected expense. You will breathe a bit easier and sleep even better with this new found peace of mind!
Already have a cushion? Think about other forms of savings such as a CD, IRA, or even a college fund for your child. Consider adding to your 401K to get the maximum match from your employer.
Paying down a debt can also save you in the long run. If you are behind on a payment, get caught-up! If you are caught-up, make an extra payment, or two, focusing on the debt with the highest interest. Ultimately, it is the interest that robs you of your money.
Lastly, if you are not sure, you don’t have to immediately make up your mind. Deposit it in your savings account and think about your options.
Author's Bio
Kathy Jo Pollack is a certified life coach and speaker with a focus on financial independence. She has worked with thousands of people from all walks of life as the training specialist for Consumer Credit Counseling Service and has taken her passion and expertise to a new level as a coach. Please visit her website: www.kathyjopollack.com.
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