10 Smart Ways to Spend Tax Savings
How will you spend the extra money that the tax reform added to your take-home pay?
Consider the following smart choices:
- Pay down your highest-rate credit cards;
- Create or add to your emergency fund;
- Bump up your retirement plan contributions at work and through an IRA;
- If you have access to a Health Savings Account and qualify for one, contribute to it;
- Donate more to charity. New tax laws let you contribute more as a percentage of your income;
- Invest in yourself by taking classes to increase or add a job skill;
- Contribute to a 529 plan to help pay for your children’s and grandchildren’s education;
- Invest in technology that will make your tech tools more secure;
- Join a gym, because a healthier, fitter you may incur smaller healthcare bills;
- Take a break. It’s okay to take a vacation, and disconnect completely from work.
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