Making the Most of the Refund

The biggest chunk of extra money received this year may be through your 2006 tax refund. USU Extension specialist Dean Miner offers these tips to make the most of the refund. Use the refund to make sure any past due expenses are paid, and set aside at least some of the refund as an emergency fund. Pay down credit card debt. Using refunds to make one-time payments on credit cards can save interest. Use part of the refund to pay down a home mortgage or save for a toddler’s college education. Boost a retirement fund. A new option offered by the IRS is having refunds split and deposited directly into more than one account, including checking, savings or an individual retirement account.

For more information, contact USU Extension Bankruptcy committee specialist Dean Miner [deanm@ext.usu.edu], 801-851-8469.