Posted on Thursday 28 January 2016
Why Not Start Building A Larger Emergency Fund?
You can never have too large of a nest egg, or emergency fund--and the more you have the more peace of mind you're going to have as well. Your goal should be to reach at least 8 months of emergency savings. You never know what can happen in life and this will give you little extra cushion. If you don't ever need it, then great, but that just means you can accrue more in the long-term!
Only Spend The Money On The Things That You Need, Not The Things You Want
If you invest in the things that you need you'll save far more money in the long-term, and you'll have more to play with when you want to relax and unwind! Remember, it's all about thinking smart and spending smart!
You Should Invest In A Tax Sheltered Account To Protect Your Money
If you put some of your tax refund into a tax sheltered account you can move ahead on items such as: IRA contributions or even college savings plans! This allows you to claim a tax deduction, ultimately giving you more money back in the long-term. Bear in mind, this type of investment is dependent on your income level, your age and your individual goals as well. This is definitely worth looking into.
Make Sure You Donate To A Charitable Cause
If you donate to a charitable cause not only will you feel fulfilled, you'll also be able to claim that donation on the next years tax return; but this isn't why you should do it either. While you donate to feel good, taking advantage of the many tax breaks for doing so really fulfills your bottom line financially!
Invest In Building Your Business Like You've Wanted
Why not turn a business idea into a life-time of income? Starting up your business venture is a wise move, and what better to use your tax refund on? The right business venture can bring you long-term income and can definitely help you learn how to start planning and preparing for your financial future far better. Many new business entrepreneurs see this as their baby, and want to have it succeed.