It’s That Time Again

It’s that time of year again! No, I am not talking about flu season – I’m talking about tax season.  Either you are dreading it, or you are looking forward to receiving that refund.  What is your spending plan for your refund? A lot of people are tempted to spend their refund before the money even hits their bank account; but with careful planning and thoughtful consideration, that money can be spent in a way that puts those hard earned dollars to work for you. There are many resources for your refund money; however here are a few wise suggestions:

  • Pay down credit card debt: Pay down those high interest credit cards and save more money in the long-run.
  • Replenish your emergency fund: Did you have to dip into your emergency savings over the course of the year? Having an emergency fund in an interest earning savings account or money market account will help you avoid going into credit card debt when there is an emergency. It’s not a matter of ‘IF’ there is an emergency; it is a matter of ‘WHEN’. Be prepared for that time in your life.
  • Revamp your insurance plans: Spring is coming and with that, the winter thaw. Is your home in need of flood insurance? Have you had any major life changes such as job loss or moving that would affect your insurance coverage and rates? Insurance can be confusing but don’t let the uncertainty keep you from getting the coverage you need. Do your homework and shop around for the best plans for you.
  • Help your children to learn money smart habits: Pay your kids to help out around the house and in turn, invest the money in a college savings plan or savings account.
  • Give to others: If you have your financial ducks in a row, consider the rewarding experience of giving to others. There are numerous community service centers and non-profit agencies who would appreciate help in the good work they do in your area.

For more information on the above topics, call LSS and ask about our FREE Financial Fitness classes or visit our website at

By: Rachel Malloy

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