Home
>
Wealth Building
>
How to Have MORE Fun With YOUR Tax Refund in 2005

How to Have MORE Fun With YOUR Tax Refund in 2005

I counsel a LOT of people about money. I see the same mistakes being made over and over again.

If you've made 'em, don't worry. I'm here to help you do it right THIS year! The fact is, moneymakers need a money coach, just like gymnasts need a gymnastics coach.

As your MoneySmart(tm) coach, here are the mistakes in thinking and behavior I want you to avoid:

* Don't think of your refund as free money ? or lottery winnings. It's not! That refund is your hard-earned dollars that you loaned Uncle Sam interest free ? all last year.

* Don't spend the refund ? or OVERSPEND it - when you haven't gotten the cash in your hands yet.

* Don't spend the whole refund to pay down debt.

OK. So now you're MoneySmart(tm) about what NOT to do with that refund in 2005.

Next, here are my EASY MoneySmart(tm) moves that YOU can make to best handle your in'come tax refund this year.

First, divide your refund into thirds ? 3 equal amounts.

Why 3 equal amounts? Because we want to use that refund ? however small or large ? to handle the past, the present and the future.

Use one third to handle the PAST by paying down debts. Start with your most pressing debt?either the one with the highest interest rate, or the one with the biggest consequence for not paying it down.

Use one third for something you need or want in the PRESENT. If you can, use that money to have some FUN. Do something that is NOURISHING to you ? something that makes you feel GOOD. How about a mini-vacation, or an evening of fine dining and great entertainment, or a day at the spa?

***Of course, if the brakes on the car are shot, or you have some other pressing need, you'll need to do that FIRST.***

Finally, use one third to handle some aspect of your FUTURE. Here are several MoneySmart(tm) suggestions for you to think about.

*Put money in your Anti-Emergency? Fund. (see http://www.phelps-creek.com/archives/Anti-Emergency.htm for details)

*Put money in your Rainy Day Fund (see http://www.phelps-creek.com/archives/safetynet.htm for details) or save for your retirement through your 401(k), 403(b), IRA (traditional or Roth).

*Put money into college education funds (Coverdell IRAs or 529 plans) for your kids or grandkids.

Why is this "thirds" approach such a great idea? Because you'll be taking care of a variety of wants and needs ? AND taking several easy MoneySmart(tm) steps forward towards your BIG goal of financial freedom!

THAT is how you can have MORE fun with YOUR tax refund in 2005.

As always, if you have any questions, please go to my web page www.cindymorus.com for contact information. I'm here to be YOUR coach, and make sure YOU succeed.

Cindy

PS?

Now is also a GREAT time to "check out your paycheck":

* Re-evaluate how much money you are contributing to your 401(k) or 403(b).

* If you got a whopping refund, remember you were just sticking YOUR money in Uncle Sam's pocket. No point in giving Uncle Sam an interest free loan! Adjust your deductions so that you have just enough taxes withheld from your paycheck.

PPS?

If you're paying outrageous credit card charges (and so many people are) you'll definitely want a free copy of "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates". With my MoneySmart(tm) coaching, you be able to save hundreds (or maybe thousands) in credit card interest payments this year. Get a free copy of "A Credit Expert's Secrets You Can LOWER Your Credit Card Interest Rates" when you sign up for at: www.cindymorus.com/newsletter.htm

Cindy Morus (http://www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Get a free copy of the "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates" e-book when you sign up for the "MoneySmart Nuggets" newsletter.

express cleaning service Arlington Heights ..

In The News:

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.

Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.

Xpeng's humanoid robot moves so realistically that crowds believed it was fake, marking a major advancement in robotics technology ahead of 2026 commercial launch.

Researchers discover phishing scam using invisible characters to evade email security, with protection tips including password managers and two-factor authentication.

iPhone and Android users can reduce battery drain and data usage by restricting Background App Refresh to Wi-Fi connections instead of mobile networks.

How to Have MORE Fun With YOUR Tax Refund in 2005

Wealth Building