HOUSTON - You knew it was coming. You can’t escape it. And now the end is near.
Your taxes are due in a few days! But there is some good news,you’ve got a little extra time this year. Thanks to an overlap of federal and state holidays, the usual April 15th deadline has been pushed back to April 18th.
This year, the average tax refund is around $2,800. So should you save it or spend it? C.P.A. Edward M. Gardner says, “The most important thing when you get your refund is put it in the bank. And then sit down and think about what you’re going to be doing with your money. A lot of people will want to run out and shopping or they’ll want to have a party. That’s not the smart thing to do."
It’s probably not what you want to hear, but Gardner recommends saving the money. “Even if you have debt, I like people to have at least 3-6 months living expenses. You know, what if God forbid, you get laid off at work, or you get injured, and you can’t work for a while, you must have some reserve there.”
Fortunately, you "reserve" the right to do what you want with your refund after all, it’s your money.