Taking Control Of Finances With Help From 'Uncle Sam'

Health care costs are the number one reason Americans suffer financial stress. Student loan debt – now at $1.5 trillion – is painful. And over 11 percent of dual income households send their children to childcare, a contributing factor in missed credit card payments and deeper debt.

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Does any of this sound familiar?

Well, lucky for you, it is tax return season. In 2019, 70 percent of all taxpayers will get a refund from the U.S. government. The average American taxpayer will receive about $3,000 back from income tax filings.

Consider your returns a duffel bag of cash on your front steps – or in your mail box.

Do you have a plan for new found wealth, to close the gap between income and expenses, and build a nest egg for future goals (like buying a home)?

Here are four points to consider:

● Buy some peace of mind by investing some of your refund in a savings account. Knowing you have some money on hand to cover unexpected expenses – car repairs, hospital bill, or job loss – can help you sleep better at night.

● If you have credit card debt, paying it off can be one of the best investments you can make with your refund dollars.

● Save money for retirement in a 401K or IRA financial vehicle.

● Leave some money for yourself to splurge. Take your “mad money” and invest in yourself. Take a vacation.

At Homeport, we are here to help you create such a plan, to overcome roadblocks and achieve your financial goals. We will review your credit and help you develop a budget to pay down debt, save money and reach your goal of homeownership.

Don’t put it off any longer. Act today by calling us at 614 221-8889 or sign up for classes at www.homeportlearning.org. Make 2019 the year you turn your financial goals into achievements, with a little help from Uncle Sam.

Layden Hale

Layden Hale

(Layden Hale is Senior Counseling Advisor for Homeport. He has been providing financial counseling for over 20 years.)