Chicago,IL- March 27, 2014- Deciding what to do with a tax refund is an important decision, especially in today’s economy. The Better Business Bureau (BBB)advises consumers to consider a few options that can provide long-term financial benefits.
“Many people receive a large sum of money from their tax returns,” says Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and Northern Illinois. “It is important to spend your tax return money wisely to have a financially stable year.”
Here are some tips for tax refund recipients:
· Pay down your debt. Use your refund toward debt relief such as paying off a credit card. You can also apply their fund toward other debts, like a car loan or a home equity loan.
· Consider savings options.It may be beneficial to put the money into a savings account, CD or retirement fund and allow it to grow. It’s always helpful to have a savings account to draw from if a major car repair bill, medical emergency or other unexpected expense comes along. That way, you won’t have to borrow money and add to your debt-load.
· Consider investing in your home.Using the money to spruce up your house may add to its property value. For home improvement estimates and other services consumers can use the free can“Request A Quote” for free from BBB Accredited Businesses at www.bbb.org
Bernas noted that if debt is a problem, consider a credit counselor. Certified consumer credit counseling agencies can assist people who are facing financial challenges and are looking for debt relief. The BBB has free Business Reviews on Credit & Debt Counseling firms in Northern Illinois at www.bbb.org
“Consumers need to keep their financial goals in mind,” Bernas stated. “Consider using your tax refund toward these. Put a set of long-term and short-term goals together. You’ll be more conscientious about how you spend your refund and howto use any other extra money that comes your way,” he explained.
For more consumer tips you can trust, visit www.bbb.org
As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.