Advice: The new year is a time for new beginnings. With experts predicting a possible recession in 2023, now is the time to eliminate bad financial habits.
The average tax refund was $3,253, up by 13.6 percent year over year, according to the latest figures from the IRS on the 2022 filing season. Many people love getting what they consider a windfall or a forced savings plan. But with inflation cutting into your pay, it’s better to get your money during the year, especially if you have revolving high-interest credit card debt. Here’s another reason to change your withholdings now.
To serial refund proponents, I understand that you may struggle to manage your money. Yet, as I’ve said before, just because something has worked for you in the past doesn’t mean you shouldn’t reexamine its effectiveness.If you’re carrying debt on a credit card with a 20 percent interest rate, waiting to get a lump-sum tax refund to pay it down is costing you money. And that’s bad money management.on food away from home, according to the Bureau of Labor Statistics .
Realistically, you probably will continue to eat out, but set a goal this year to significantly reduce what you spend eating out. Just think about what you could do with that money — build an emergency fund, pay off debt or boost your retirement savings.Automating your payments is a great way to avoid racking up late fees. But inertia can set in, and you end up paying for subscriptions you don’t use. The monthly price may seem affordable at $4.99. But multiple services can add up.
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