Tax Refund Checks Burning Holes in US Pockets

Most people who own or have recently started a new business are not looking for the government to supple them with any returned income. We are just hoping not to have to sell our things to pay what the government says we owe them. So as the lonely business owner, I was driving around town the other day and realized there was a odd number of Temp Tags driving pass me. As you know when there is a Temp Tag there is a new driver. Even some of the dealerships who supple you with a permanent tag to go home with, these new car owners kept the sticker in the window, just to let us know about their new found vehicle. I live in a townhome, and found that a lot of my neighbors have new TV's, furniture, clothes, and have taken to dining out more often then before. And then it hits me like a ton of bricks. This is what the hard workers of America are spending  their Tax Refund Checks on. If the economy is in a funk, people are not making what they use to, and jobs are being lost hourly, yes someone losses a job every hour; why do we spend our checks on items that carry no bearings in our growth, health, or wealth?

Most people without children will be looking forward to a check of $500-$2500, and people with children usually can expect a check from $3000-$7000 as a return. So what are you doing with this new found bundle of money. For this year, or maybe next year if you have already spent your shares, try one of the tips that can be used to improve your financial standings instead of the one time rewards it has been used for in the past.

Invest in yourself and the future of your family.

Some companies still have a 401K plan you can join and be apart of, they will match 2%-15% of what you have deducted from your check into this retirement option. Not all companies offer this option anymore and some the match up may not be as great as others. Look into an IRA or Roth option to either enhance your savings or replace it. If you are depositing $50-$100 per month into this plan, imagine the bonus dollars if you added an extra $2000 on a once a year deposit to help boost these savings, i.e. $2000 per year for 10 years = $20,000 to add to your retirement plus the $50 per month for 10 years = 6,000, not to mention the interest on top of that. Most people will add more, or combine these accounts with the one they have in place with their work place, or completely change the account from their workplace to one outside the company if the interest is higher, and funds are easier to obtain. Social Security will not be enough to supplement your average life style and don't dependent on it being around when you come into your retirement age. The average American who retires will find themselves looking for apart time job to add to the retirement, 401K earnings, or the Social Security. If you add the extra funds from your income tax check now it will pay forward for you in the future.

Start a Life Insurance Policy/Will

What will happen to your family when you are gone? Let's face it we have not created a pill or shot that will allow anyone to live forever. Smart planning is essential not just for people with children, but more so without. Who will handle your final debits? How will you be laid to rest? Funeral cost my not be the concerns of the departed, but the living often are burden and their debts increased if the person in question did not leave a policy that can cover these fees. While you are thinking of policy options, you should also create two wills. A detailed will of assets, monetary dividends, final instructions, and burial wishes. And a living will, to include who you want to make the hard decisions for you, and conditions in which this is necessary.

Starting a Business or Join a Business with Start Up Cost

Most people, hate their job or hate what they are going. This doesn't make you a bad person but maybe someone who dreams of bigger and better things. Looking at what you do know you probably know a million ways your work conditions could be better. Or maybe your talents drive you to do something totally different in a unique way that only you can do. Some companies have been built from $50 start up cost. Some companies are already in place that you can buy into from $250-$2500. Be a trend setter in your family, you have received an income tax check ever since you started working. What has truly been gained from those funds? Re-invest in yourself. Give yourself the freedom you have desired by becoming an entrepreneur. Not sure if entrepreneurship is right for you, try investing in a worthy business, help someone else with their start-up cost. Just make sure to set up a reasonable payback plan with interest.

Vacations are More Than Fun, They Can be a Life Saver

If you have Spiritual beliefs or not, rejuvenating your mind, body, and will; should be done on a weekly basis. The hardships of day to day work, family concerns, financial obligations, health, and wellness; can lay heavy on anyone who doesn't take a break and try to get away from the normal life they have come to build for themselves. You should be investing your time and some of that tax income into planning at least two get away's a year. This doesn't have to be 5 star all the way, or out of the country excursions. It could be a weekend trip 4-5 hours away from where you live. If you have children, one large trip should be planned a year, with two small trips for you and your spouse. Single parents should plan a trip or two without the kids as to rejuvenate your spirit and be ready to be an awesome day to day parent. Avoid vacations that can not be planned within your refund budget. We are not making this suggestion to increase your debit or to create a new on. We want to see you healthier, smiling, and looking forward to next year's check to do it all over again. Some of the best memories some family have are simple family trip that helped strengthen their bonds as a unite.

Your money is your money, there is nothing wrong with indulging yourself in a new gadget or car. But if this is the trend that you have done every year why not try something different and reap the rewards from your hard earned cash. Get a free consolation from great money educators like the good folks at #HeroesAcademy who spend the better part of their day educating people on their finances and how to make a difference in their everyday lives.

Have a suggestion on Financial Advice, Financial Planning Services, and Life Planning; let us know and we will add your info to help others.