Tips on how to put your tax refund money to good use: 7 On Your Side

Nina Pineda Image
Friday, April 12, 2024
Tips on how to put your tax refund money to good use
Nina Pineda is in Manhattan with details on how people should consider spending their tax refund.

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.

Nina Pineda speaks to an expert on making the most of your tax refund.

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.



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