What financial experts say you should do with your tax return

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Financial experts offer some tips on how to spend your return

YOUNGSTOWN, Ohio (WKBN) – Some people may think this is the most wonderful time of the year. Who doesn’t love getting their tax return? But, the real question is – will you spend it wisely?

According to mint.com, Americans saw an average of over $3,000 on their returns in 2019.

Local financial expert Jessica Popio says there are great ways to use that cash. Here are just some suggestions:

  • Make an additional payment on a credit card bill
  • Build up your emergency fund
  • Save for a vacation
  • Tune-up or vehicle repair
  • Home improvements
  • Replace old or broken appliances
  • Start a savings plan

“You are really going to appreciate yourself in the future. You’re never going to tell yourself, ‘Man, I wish I would have saved less money.’ Some people put away 10 percent to 20-25 percent,” Popio said. “Five dollars a day times five days a week for one year is about $1,300. You will have $13,000 at the end of 10 years.”

Popio says investing your tax return in ways to improve yourself and profitability is a good idea, too. Taking a class or learning a new skill is a good way to do that.

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