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How to Make the Most of Your Tax Refund!

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Title: How to Make the Most of Your Tax Refund!


1
How to Make the Most of Your Tax Refund!
  • Robin Seemann-AFC, Director
  • Economics, Education Empowerment Program

2
What to Do?
3
BE SMART!
  • An income tax refund can never come at a bad
    time. The only hard thing about getting money is
    deciding how to spend it. You could always blow
    it on some gadget you'll forget about in a month.
    Or, you can spend your tax refund on something
    that will benefit you in the long run by
    strengthening your financial situation. If you're
    due a refund, here are some smart ways to spend
    it!

4
You Received a Large RefundThe PROBLEM IS
  • Ohio Department of Job Family Services SNAP
    benefits Food Stamps
  • Limits your resources
  • 2000 in Countable Resources such as bank
    accounts is permitted to still qualify for your
    foodstamps
  • So now what?

5
Be Savvy with those Funds
  • While you can only maintain a limited amount
    of resources, there is still the ability to save.
    FEED THE PIG!
  • Start and Emergency Savings Account
  • You should have enough money saved to cover one
    months expenses if not all of the expenses At
    least enough to cover housing, transportation and
    necessities
  • 1000 - 1500 Saved!

6
FEED THE PIG
  • Putting your refund away for a rainy day is a
    wise decision. It keeps you from having to use
    your credit card when you face a financial
    emergency.
  • Without a lump sum to jumpstart your emergency
    fund, it could take you months to set aside
    enough money for your emergency fund

7
Have you saved enough for your short-term goals
  • Are you planning on taking a vacation this
    year, or do you plan on blowing it out for the
    holidays? If you are planning something and you
    answered no, then dump your refund into an
    account specifically dedicated to an annual
    vacation or holiday fund. This will make sure you
    dont have to go into debt to go to the beach or
    buy presents.

8
Pay Your Rent Car Payment in Advance
  • Instead of blowing the cash all within 30 days
    and not having much to show for
  • Pay your rent or mortgage ahead by a few months
  • Pay your utilities ahead
  • Pay your car payment ahead
  • This could improve your credit rating
  • Doing this will always keep you ahead of the
    game. Being ahead will also be helpful if an
    emergency should arise.

9
PAY OFF DEBT!
  • The best investment most borrowers can make is to
    pay off consumer debt with double-digit interest
    rates. For example, if you have a 3,000 credit
    card balance at 19.8, and you pay the required
    minimum balance of 2 of the balance or 15,
    whichever is greater, it will take 39 years to
    pay off the loan. With accumulating interest, you
    will pay more than 10,000 in interest charges

10
Answer your phone pay your bills!
  • Tired of late notices and debt collector phone
    calls? Avoiding them doesn't make them go away
    it simply prolongs the collection process and
    damages your credit in the process. Use your tax
    refund to take care of those late bills. Your
    credit score will thank you and you'll thank
    yourself for finally getting rid of
  • annoying collectors.

11
STOCK NECESSITIES
  • Buy those non perishable taxable items and
    groceries you know you are going to need
    detergent, hygiene products, paper products etc.
  • Are there any household appliances that you need.
    Buy smart items that you know you need

12
PURCHASE WORK AND SCHOOL CLOTHING
  • Without a doubt you will need work or school
    clothing for yourself or your household members.
    Buy them now so there will not be a hardship at a
    later date! Perhaps buy some birthday and
    Christmas presents ahead of time
  • This can save the heartache of choosing to pay
    rent, utility and car payments verses buying
    presents
  • ONLY to have, late fees disconnect notices or
    repossession conversations come up!

13
How RELIABLE is Your Transportation?
  • Are struggling to get to and from work, school,
    grocery stores, doctors offices, church or any
    other place?
  • Do have to depend on others?
  • If you have a vehicle is it giving you
    maintenance issues or worth fixing?
  • Are you leery of applying for credit due to past
    poor credit decisions you made?

14
How RELIABLE is Your Transportation?
  • There is an affordable option for financing a
    vehicle if you are a working parent
  • The option provides opportunity to establish or
    re-establish credit (and the rate is only 8)
  • Contact The Ways to Work Loan Program at
    330-454-7066 ext 200 for an affordable character
    based auto loan.

Make your DREAM of car ownership a REALITY
15
Treat yourself, but don't OVER DO it.
  • How fun would life be if you only spent your
    money on bills? It's ok to spend money leisurely,
    but remember, there's a balance.
  • The key Take care of your responsibilities
    first, then enjoy your money second. Before you
    spend a dime of your tax refund, make a plan for
    how you're going to spend the money.
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