As you begin to file your taxes think about how you can save your tax rebate. Studies indicate that we all should have six months of salary saved for a rainy day expense. A great way to start your emergency fund is to put up at least 40% of your tax refund. Another suggestion I would give you is to pay any outstanding bills that you haven’t been able to pay due to a tight budget. Let’s plan to save and pay off debt this year when you receive your 2014 Tax Refund. I would love to hear your thoughts.
Tina M. Jackson, Ph.D.
What advice would you give to a college student that has many expenses but also wants to save money?
I think your question is a great one. I would advise you to begin by putting up at least 10% of all the income that comes into your monthly budget. Save this money and don’t spend it. I know it can be challenging to save for various reasons but the more you save the easier it becomes. Make it a habit by putting at least $10.00 of every $100.00 you make in the bank and let me know how your doing after six months.
Thanks for such a great question! I look forward to hearing how it going.