What should I do with my refund?

Forum|Forum|7 years ago
March 29, 2019
52 replies
195 views

Think I'm getting a refund this year (fingers crossed, breath held, all that jazz) and, in thinking about what I spent my refund on last year, I realized I totally blew it.

How can I actually save (beyond, you know, not spending it) or maybe even grow this possible/hopeful check?

For some context, I wanna buy a house at some point in my life, I should probably get rid of my car loan at some point, and I have some credit card debt. Seriously, what should I do?

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Jezzika76

Level 2

Best advice I can give you is to take at least HALF of your refund every year and put it into SOMETHING (that grows!) for your future! Some ideas would be a Retirement Account, CD's or Investments. I am soon to be 45 years old and kicking myself for not saving or investing earlier in life. I still have 20+ years until I'm able to retire but I have a lot of catching up to do if I want to be able to live comfortably in my final years. I am positive when I was in my 20's this was mentioned to me as well... I wish somebody would have stressed to me the harsh reality of choosing to wait so long. Save early and save often.... the future You will appreciate it! 😉

Emumby

Level 2

I’d send it straight to Fidelity or whatever your investment company is. But about the car. I haven’t had a car payment since I was 19. I got my car at 18 new so I could get a loan. Not an expensive car. Paid more to get it paid off. But also started with an index fund $25 per month. Once I got rid of the note I upped the index fund account by the amount of my car payment and have bought a relatively newer used car since. I have lowered the amount saved for my new car by a lot by paying cash for a newish used cars. Good luck.