TAX Return? Five Proactive Things You Can Do With It


TAX Return? Five Proactive Things You Can Do With It


It’s that time of year again where taxpayers receive tax refunds from the government after diligently preparing their taxes. A tax refund depends on your filing status, income, deductions, and credits; therefore, leaving you with a varied spectrum amount you can earn back. You can easily estimate your tax return using an online tax calculator if you have not yet received your refund.

People often tend to spend a large chunk of their tax return, only to later question where it all went. That is why it is important to plan and budget your tax refund appropriately. Below you will find a few options on how you can wisely allocate your extra money.

Pay Off Student Loans

Student loans should be your top priority loan to pay off! Compared to all other loans, student loans will never be discharged even during bankruptcy. Not paying your student loans can lead to seized tax refunds and ruin your credit score. Putting a little extra money into paying off your student loans can go a long way.

Transfer A Portion Into Savings Account

To give yourself piece of mind put a portion into your savings account. This will be where emergency funds can be extracted if the unexpected occurs. Plan for the future and save yourself the stress by setting aside extra money. It’s always better to be prepared!

Set Aside Money For House Maintenance

Fixing your house is an ongoing process, but your largest investment! Why not fix your house with a little extra cash. There are plenty of ways you can help with the daily function of your home. You can fix plumbing, purchase new carpet, remodel the bathroom, and make small furniture purchases. In the end, your home investment will pay off in the future, so why not invest in it now?

Invest In Your Health

Don’t forget to take care of yourself! It’s important that you maintain a healthy lifestyle. A portion of your tax refund can give you the opportunity to join a gym or fitness class. Investing in your health can also refer to changing a health care plan, fixing your teeth, or purchasing super-food supplements.

Pamper Yourself

You deserve to give yourself a reward! After a long year of hard work treat yourself when the opportunity is given to you. A simple get-a-way trip with a partner, romantic dinner, family trip, or spa day will allow you to recharge. It is important to remember that a portion should be set-aside for you to indulge. Work-life balance is key. Without balance, it will be difficult to move forward and fulfill long-term goals.

It’s easy to become tempted to spend your tax refund when you have not thought about where you would like to allocate your money. Fight the impulse to spend on unnecessary items or services. Before you make a purchase ask yourself if this is a “need” or “want” and if this is beneficial for your future. If you answered no, you know what the right decision is. You’re now ready to wisely spend your tax refund!

Visit your nearest CFSC Location for Tax Direct Deposit services. CFSC is a third-generation, family-owned check cashing company with 200+ locations nationwide. To learn more about our financial services, feel free to visit our website!

Tips on How to Create a Successful Budget


Tips on How to Create a Successful Budget


Similar to a New Year’s resolution a successful budget can be either extremely easy or difficult to maintain. Some of you may believe setting aside a portion of your paycheck will suffice. However, there is more to this process. It takes a well thought out plan and self control to not fall off the bandwagon and finally achieve your goal.

The best time to start saving is now! According to CNNMoney, 64% of Americans have less than $1,000 in their savings account and 34% have no savings at all. A successful budget requires a developed spending and saving plan. With the proper budgeting plan you can start to successfully save, pay off debt, pay monthly bills on time, and start making the most of your hard earned money.

Below you will find 5 tips to help you create a successful budget for 2017:

  1. Track Your Spending: To develop a budget, you first need to know how much you are spending. You can use a pen and paper or a smartphone app such as BillGuard, Dollarbird, or Goodbudget to help record your purchases- big or small.Tracking your expenses will allow you to understand how you are spending your money on housing, groceries, entertainment, miscellaneous, etc. Once you know how much each area is receiving you can then allocate your money appropriately.
  2. Determine Your Income: After tracking how much money you need financially each month its time to determine your actual income. In addition to your actual salary, you should include any extra funds you will receive this year. This can be cash gifts, items you sell, dividends, stocks, alimony, accumulated interest, and more.
  3. Automatic Saving Contributions: Direct deposit a portion of your paycheck into your savings account every month. If you set aside the money you do not see, then you won’t miss it. After a few months start increasing the percentage that you take away from your paycheck. You will start to see an increase in your savings account.
  4. Set Saving and Debt Payoff Goals: To determine if you are saving realistically and paying off debt, subtract your monthly expenses from your income. If you are making more money than you are spending and saving, then congratulations, you are budgeting wisely.For those who found that they are overspending, it’s okay- take the time to look over your expenses to know where cuts need to be made. It might take a few tries to create the perfect budget you need. It’s all about trial and error until you find one that works for you.
  5. Be Realistic: Set a goal that you know you can achieve month-to-month then aim to sticking within your budget. Breaking away from your budget occasionally is okay but not for too long!Now let’s see you try creating a successful budget for 2017! With the help of the 5 simple tips above, planning your budget is easier. Remember don’t jump into creating a budget before you investigate your spending and saving habits.

CFSC is a third-generation, family-owned check cashing company with 200+ locations nationwide. To learn more about our financial services, feel free to visit our website!