Practical Advice for Those with Tax Refund
Practical Advice for Those with Tax Refund
There are some practical financial tips on how take make use of your tax refund of $1,000 or more. These tips will help you in your different financial issues.
The Stark Federal Credit Union’s management team headed by its CEO Nino Gemma has designed five recommendations for those who are asking for practical advice on what to do with their tax refunds.
In addition to the five recommendations, Nino Gemma said that a tax refund could be a big help to repair a bad credit score.
He said that instead of spending a tax refund unwisely, it is best to deposit it and then borrow against it. By doing this, you are getting a loan that is secured by your tax refund deposit. Moreover, every payment you make for the secured loan is recorded for your credit rating.
The tax refund can also be used as security to get a Visa card which is processed through credit union.
According to Tod Lackey, the marketing manager of Stark Federal l, if you have a substantial amount of tax refund, it simply shows that the amount withheld from your monthly paycheck is more than what should be deducted from your paycheck. This money is used by Uncle Sam to get a loan without you getting interest it. Lackey further said that many people do not mind it because if the money is in their paycheck they would just spend it.
Gemma reminds those with tax refund to avoid spending the money but instead deposit it in an account which is separate from their current or savings’ accounts. This move will make it hard for you to get the money easily. Do not use the account to get a debit or credit card. Reserve the money and make it grow and use it for your emergency fund. Emergency funds have diminished because of the economic crisis. This is why we have to learn our hard lessons to give value to set aside something for our savings, Gemma said.
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