Your Tax Refund and Stimulus Check:
Most people will get a tax refund and/or a stimulus check from the IRS. In addition to covering additional day-to-day expenses that may occur as a result of the pandemic, here are two key questions to consider:
1) Do you have enough spare cash to cover emergencies? Ideally, you want enough to cover three months’ worth of living expenses. If that seems out of reach, know that any amount of savings will help in a bind.
2) Do you have credit card or other debt? Work on paying down that debt to save money on interest, but also to free up credit that you could use if needed in the future. If you need ready savings, but also have debt, consider splitting your available funds between a savings account and paying back debt.
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