Why seven uses Spendthrift?
OK, I know there are way more uses for a lump sum of money than the seven I have listed but I believe these are some of the best uses.
1. Funding an emergency fund. Whether the amount is five hundred or five thousand. Having any amount of money in the bank is a security that will allow you to sleep better at night. Funding a Life Happens fund of an equal amount is like Wrigley's double the pleasure.
2. Funding an Individual retirement account. What can I say? Preparing for the future is even more critical now as the economy continues to slump. If an IRA is too risky for you then purchase savings bonds.
3. Paying off your most over due bill. Whether that is a credit card or student loan or phone bill; paying off that troublesome bill will relieve stress.
4. Prepaying a utility bill. Always a little short on your utilities? Send in an extra month's payment. Then use remainder of refund to reduce usage.
5. Starting and funding a 529 plan for your child. Post secondary education is looming for all of us with children.
6. Purchase a deep freezer and stock it. A well stocked pantry and freezer are just like money in the bank - a great tranquilizer. Whatever your food preferences something can be frozen.
7. Repair instead of replacing. Fix your car, or do some preventative maintenance.
What will you be using your refund for? Are you getting a refund?