• April 9, 2019

Tax Refunds Are Coming! Our Tips on Spending Wisely

Tax Refunds Are Coming! Our Tips on Spending Wisely

Tax Refunds Are Coming! Our Tips on Spending Wisely 1024 695 Consumer & Business

April is a month of anticipation for consumers: from the season premiere of popular shows, to the largest music festivals in the country, you’re sure to be looking forward to something this Spring. For many, April also brings the excitement of receiving their tax refund!

To celebrate National Financial Literacy Month, highlighting the importance of financial and economic education, we want to share some tips to ensure that you put your refund to good use.

DCBA’s Center for Financial Empowerment (CFE) is here to help you on your journey to budget, plan, and save for the future.

Here are a few tips from the CFE to help get you started:

  • Set goals – Set SMART goals to increase the likelihood that you will achieve them: Specific, Measurable, Achievable, Relevant, Time-bound.
  • Make a budget and stick to it – Consider a budgeting app or get started with our budget worksheet.
  • Pay off debt – Most of us are carrying around debt, but don’t let this discourage you from taking charge of your finances. Understand the difference between wants and needs to break the cycle of debt. Be sure to incorporate debt repayment into your budget.
  • Save for the future – When you make your budget, consider saving for retirement as well as setting up an emergency fund.

Budgeting, paying off debt and saving for the future don’t need to be scary tasks. The CFE is here to help guide you through the process with tips and local resources. Visit the CFE’s website and follow them on Twitter for more tips on financial literacy.