It’s that time of year when you may be receiving an extra check from Uncle Sam – your tax refund! Before you let that refund check burn a hole in your pocket, first think about how you can invest those extra funds to improve your quality of life and strengthen your financial health. Here are a few suggestions we have put together for you to consider:
1. Pamper Yourself and Have a Little Fun! Being responsible does not mean that you have to deny yourself completely. Now, we are certainly not suggesting that you go on an all out spending spree, which you will almost certainly regret later, and blow your entire check. However, spending a predetermined amount of cash (10% of your refund or less) on a weekend getaway, spa treatment, shopping trip, or that new fishing pole you have been eyeballing is a nice way to reward yourself for the discipline you will be using with the other 90% of your refund.
2. Give to Your Local Church/Favorite Charity. At HOPE we are strong believers in the principle that you will reap what you sow. It is important to remember your local church or another worthy organization if you are not currently committed to a local church. If you do not have a local church or other charity in mind, HOPE recommends www.ambassadorstothenations.com for a wonderful organization which funnels 100% of all charitable contributions to those in need.
3. Pay Down Those Credit Cards! Want to improve your credit scores or shave some money off your monthly financial obligation budget? If you do then paying down your credit cards is, by far, the best way to achieve both of these goals. You will save money in interest and, since high credit card balances lower credit scores, you will also most likely see a positive increase in your credit scores. (Note: Current HOPE members, please contact us to request a free HOPE Snowball Effect debt payoff plan to help you see the biggest “bang for your buck” possible!)
4. Save Money for Debt Negotiations. Collection accounts can have a big impact upon your credit scores. So, if you have past debts that are still hanging over your head (i.e. medical bills, student loans, credit cards, etc.) then now is the time to do something about it while you have the extra cash. However, be careful before you start actually paying off these old debts on your own. It is highly recommended that you check with a HOPE Negotiations Specialist first to see how you can potentially save up to 50% off your old debt and stretch your dollars as far as possible. Don’t have any negative debt to pay off? Great! Instead of starting a debt negotiations saving account start (or add to) an emergency fund for your family. The next time your car breaks down or you have an unexpected doctor’s visit you will be glad you set those funds aside for a rainy day!
5. Become a Member of the HOPE Program. You may have figured that we would put this suggestion into our article. However, we can say with 100% certainty that, if you desire to learn how to achieve healthier credit, then a HOPE Program membership is just what you need to get started! With professional credit analysis appointments available for just $30 and affordable membership options beginning as low as just $99 per month it has never been easier to achieve the clean credit report you desire to have. Interested in learning more about our membership services? Give us a call at 704-499-9696. Our caring staff will be happy to answer any questions you may have.