WICHITA, Kan. (KWCH) For those expecting a tax refund this year, Eyewitness News spoke with a financial expert about your best options for making the most of what you get back.
Chris Wolgamott with Meritrust Credit Union says you should start by asking three questions before you do anything with your tax refund.
First, do you have enough money to take care of your family day to day? If you don't divide the money you get back by 12 and use it as an extra paycheck for each month.
Second, do you have an emergency fund? If you don't, put your refund toward that.
The final question to ask yourself is, what money do you owe? If you have debt, you can use at least part of your refund to pay it off.
"When you do receive that tax refund, I would wait for a couple of weeks before you really do anything with it," Wolgamott says. "Make sure that you have a plan in place before you spend it. You're going to have less regrets when the money is gone if you spend it wisely and spend it correctly, so don't just run out and spend it right away. Make sure that you have a plan for it."
If you were expecting a refund, but find out you actually owe a balance, it can be tough paying a large sum you weren't expecting. You can find tips to quickly pay off your balance and save money here.