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5 Smart Things to do with your Tax Refund

1. Create an "Emergency Fund"
Take $500 of your refund and purchase a gift (or debit) card. This is your "Rainy Day" fund.

2. Utility Fund
Utility and telephone bills in this area can equal a week's pay, or more. Pay your bill once a month, in-advance. This will give you time to avoid the "TURN OFF" notice!

3. Holiday Fund
When you have kids, the Holiday expenses seem to come every year. Do yourself a favor -- relieve the stress!! Purchase a debit or gift card, and load on the funds! The success here is to give the card to mom, grandma, or a trusted friend, and tell them to release the funds to you ONLY at the Holidays, or the start of school season! This way, when the other parent makes a promise for the kids that they may not keep, you're ready!

4. Spending
Use your 'Earned Income' and 'Child-Tax' credit wisely! We have given many $10,000 tax-refund checks over the years. That can be a lot of money! But we see so much wasted spending. Money spent on a $150 pair of sneakers for your child could be used to fund a deductable "529" college plan!

5. Witholding Adjustment
Since most "EIC" tax-payers don't have a Federal Tax liability, give your self a weekly raise! Adjust your federal witholding, so you have NO federal tax withheld. In some cases, this could give you an extra $100 per month in your paycheck!