Now that tax season is here and the hustle and bustle from the holidays has finally settled down, it’s time to get cleaning, your wallet that is. Now is the perfect time to come up with new financial goals while planning out your financial expenditures for the rest of the year. Tax season is a great motivator to getting your finances on track and looking forward to springtime. Here are the some ways to clean up your financial wallet this season!
Pay down your debt
With tax season finally here, now is the best time to pay off as much of your debt as possible. Why? Because your tax return will give you the highest cash value that you own. Now, remember to do this the smart way. If you only got $500 back in taxes, but have $2000 in credit card debt, it may be a better idea to split those payments up to help contribute to a higher monthly payment. But if your tax return is say $3000, then you have enough to pay off your debt and treat yourself! It’s also a good idea to split up your monthly payments to an even amount until you can pay it off in full. This will show creditors that you are able to pay your monthly bills at a consistent rate.
Plan out vacations or trips
Now is the best time to plan out any family vacations or yearly trips. For one, you have more time to do so now as it’s still snowing and cold outside. Once spring time hits you’ll want to spend as much time outside as possible, without the worry of planning your yearly travel plans. Now is also a good time to plan things out because again, tax season is here so you may have a little extra boost in cash to contribute to your vacation funds.
Consider your credit cards
With spring time comes new promotions and rate options available from different financial lenders. For example, there may be a discount on personal or student loans. Many companies also offer great credit card offers with 0% interest or low fees on balance transfers. This is the time to sit down and take a look at your debt to see if there’s anyway you can cut down your monthly payments. Making a phone call to your lender provider can actually be the trick to lowering your rates. You may also consider opening a new credit card or transfer your balances for a lower rate. Whatever you decide to go with, make sure you do your research and talk to a provider before making any important decisions on your finances.