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How to use your tax refund

By - Posted on April 16, 2013

Military families may be looking to their tax refund as a way to get a little bit of extra money. This can be a great thing, but it may be best to use the funds wisely. With these checks only coming around once a year, making the right decisions with this money may mean quite a lot in the long-run.

Smart ways to spend your tax return
There are many ways a military household can spend their tax return without being wasteful. Whether it’s ammo or rations, military personnel are used to conserving the supplies they have, and the same should go for the money they receive from their tax return.

  • Pay current bills – If you get your tax return and have some immediate essential bills, this could be a good time to give your wallet and credit cards some breathing space.
  • Use the funds to pay down debt – If you have any outstanding debt, it may be necessary to put a sizable amount of your tax return toward that. This may help make the whole payment process easier.

Other options for spending your tax refund
While spending the money on bills is a great idea, you can use the funds for other important aspects of your life. This can be wide-ranging, but it may help you out.

  • Put the money in a savings account – Frequent moves and unexpected deployments can take a financial toll on military members, so why not take a large portion and put it away in a savings account for a rainy day. If you don’t immediately need the cash, this may be the best way to operate. Having the extra cushion may prove valuable in the long-run, as there is more flexibility in case of a financial problem.
  • Use some for leisure – Once your financial issues are tended to, you can take some of your tax return and treat yourself. First make sure other financial obligations are covered, as that is the most responsible thing. However, a small present for you and your family may be a good morale boost.

Families have the final say when it comes to financial decisions, but this doesn’t mean people shouldn’t look for some assistance from time to time. Getting the right advice is crucial, and Omni Financial may be able to deliver the pointers needed to be successful. Speak to a representative about the options you have.

Posted in Financial Tips & Advice