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