53. How to Use My Tax Refund

The Debt Free Mom Podcast

Since tax season is here, I wanted to answer a very common question I get this time of year: how do I use my tax refund?

Everybody has a different response to receiving a tax refund.

• Some people purely see it as fun money as extra money. They can do whatever they want with it.
• Other people have been scraping by the past couple of months and feel a sense of relief when they receive a tax refund want to use it to catch up and add a little bit of breathing room back into their finances.
• Other people sometimes feel paralyzed by receiving a large chunk of cash all at once, because they're trying to figure out what to do with it, and it tends to disappear rather quickly.

So on today's episode, I share a few questions to think through as you receive that tax refund so you can make sure it's going to be used to not only feel good in the moment, but also to change the trajectory of your finances longterm.

If you want a personalized look at your finances to help you decide the best way to use your tax refund, sign up for a Custom Budget. Send in your income, expenses, and what your tax refund will be, and you’ll get back two versions of your budget: the original budget so you can see how your money is currently flowing, and a suggested budget with changes we recommend to prioritize your money goals. Sign up for your Custom Budget today at debtfreemom.co/custom

Do you have a money question that you’d like to talk about with Carly? Do you have a story of navigating a tricky financial situation? We’d love to have you on the Debt Free Mom Podcast! Fill out the guest application at dfmpodcast.com.

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