How to Spend Your Tax Rebate Check Wisely!

Your money is on the way! Your tax rebate check will be in your hands before you know it! So what are you going to do with that extra cash? With the economy in a mess, gas prices are soaring, credit card companies continuously raising interest rates, foreclosures left and right; you should really think about how you spend your stimulus payment before hitting the mall! Here are a few tips that will assist you during this time of recession.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Tax Rebate Check

1. First you must have a made up mind. Purpose in your mind that you will not waste your money! Do not purchase another pair of shoes just to add to the other one-hundred pair you already own! Purpose that you will get your finances in order.
2. Gather together all of your bills; credit card bills, furniture or equipment that you may be financing, car payments, insurance etc..., any type of monthly payments that currently have a balance due. If you have any balances you can pay in full, pay them off! The key is to eliminate monthly as many monthly payments as possible, this will help free up money for necessities such as GAS, groceries, utilities etc...
3. If you do not have insurance (life, renters, home, car) GET IT! Many do not purchase insurance because they cannot afford it. Well now that you have a little extra money, invest in insurance. Life insurance is a very important investment for you and your family. Get the insurance and pay the annual amount in full. Over the next year plan your budget so that you may be able to keep your coverage for the next year, and so on. You never know what tomorrow holds, insurance gives you peace of mind should the unexpected happen.
4. Purchase items that count! If you know you need new tires on your car, but hate to pay all of that money for them; get the tires anyway with your rebate money. Don't run down the already run down tires on your car, then when they finally can't run anymore, you're stuck without a ride because you don't have the money to buy the tires you should have gotten with your rebate money to begin with! MAKE SINCE? The point here is to purchase things that are needed! Do not wait until you are without something before you find out how much you really need it. Get it while you have the money to do so.
5. Invest! Invest your rebate money in your future such as an IRA account. Allow your money to make money for you. Talk to a financial advisor about the different investment options out there.
6. Lastly, SAVE. Save, save, save! Open a savings account with your rebate money, or use the one you already have and save. There is no better time to put money away than when you have extra money. Save it for those unexpected events in your life. Save it for your children's future, save it for retirement, save it for a new home, car, etc... Just save. Just because you have it, doesn't mean you HAVE to spend it right away. Put that money away for a rainy day (or sunny day which ever you want).

Tips & Warnings

• Bottom line is take care of your business first.
• If you are financially secure and none of this applies to you, do what ever you want with your extra money.