Tips on how to put your tax refund money to good use: 7 On Your Side
NEW YORK (WABC) -- The deadline to file your taxes is Monday, April 15.
But if you were an early filer, you got your refund back!
The good news is the average tax refund issued by the IRS this year was $3,182, about 5 % higher than last year.
So how are you going to spend your refund? 7 On Your Side has some tips.
Having a big tax refund isn't really a great thing since the IRS doesn't pay interest on your money theoretically, you could have been earning interest all year.
This is why you need to be smart with how you use this money.
The average credit card interest rate was upwards of 22%. So if you think about it, paying off that debt is equivalent to making 22% of your money back.
If you have zero credit card debt, you should look to have an emergency fund.
An emergency fund should contain at least a three to six-month supply of funds.
This would be enough to pay your living expenses in case something happens.
You can watch Nina's full report in the media player above.
----------
SHARE YOUR STORY
Do you have an issue with a company that you haven't been able to resolve? If so, 7 On Your Side wants to help you!
Fill out the form below or email your questions, issues, or story ideas by filling out the form below or by emailing 7OnYourSideNina@abc.com. All emails MUST INCLUDE YOUR NAME AND CELLPHONE NUMBER. Without a phone number, 7 On Your Side will not be able to respond.
