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The Watercooler
What to do with a tax refund~
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<blockquote data-quote="trinityroyal" data-source="post: 343230" data-attributes="member: 3907"><p>I agree with this advice in principle, with one exception.</p><p></p><p>It's important to accumulate an emergency fund at the same time that you're paying off debt. Otherwise, if you run into an emergency, then you end up going straight back into debt.</p><p></p><p>JoG, I would take the refund, and divide it into 4 parts.</p><ul> <li data-xf-list-type="ul">2 parts to debt service, on the debt with the highest interest rate</li> <li data-xf-list-type="ul">1 part to emergency fund or long-term savings</li> <li data-xf-list-type="ul">1 part to "planned spending", in other words, something that you're saving up for, like that well-deserved vacation.</li> </ul></blockquote><p></p>
[QUOTE="trinityroyal, post: 343230, member: 3907"] I agree with this advice in principle, with one exception. It's important to accumulate an emergency fund at the same time that you're paying off debt. Otherwise, if you run into an emergency, then you end up going straight back into debt. JoG, I would take the refund, and divide it into 4 parts. [LIST] [*]2 parts to debt service, on the debt with the highest interest rate [*]1 part to emergency fund or long-term savings [*]1 part to "planned spending", in other words, something that you're saving up for, like that well-deserved vacation. [/LIST] [/QUOTE]
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What to do with a tax refund~
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