Expecting an income tax refund?
The best things you can do now with $1,000
You may love the idea of getting a $1,000 tax refund check from Uncle Sam. Of course, you know that it's really your own money, so spend it well.
*Stash it. In case of a calamity or job loss, you could need the money.
* Put it in an IRA. You'll be doing something nice for your future self.
* Buy a new front-loading washing machine. It will save up to $100 in water and electric costs in the coming year. They use 50 percent less water and 45 percent less energy than a top-loading washer.
* Buy a gym membership. You'll save money on medical expenses. A person 5 feet 10 inches tall who weighs more than 209 pounds spends an average of $1,429 more on health care in a year than someone weighing 174 pounds.
* Prepay the mortgage. Save thousands over the life of your mortgage.
* Pay the $1,000 on your highest interest-rate debt. The interest you save, say 20 percent, is the same as getting a guaranteed 20 percent return on any investment. Twenty percent is now common for credit cards.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
