By: Zalutsky & Pinski, Ltd.

Over the past few weeks we have been discussing your credit reports and getting a better understanding about who and how much you owe. Hopefully, you now have a better picture of your financial outlook.

In the next few months, many will be expecting/hoping for a refund check from Uncle Sam. It’s tempting to think of this check as found money and use it as an excuse to go shopping or take a trip to escape the cold. While it’s alright to indulge a little bit, your tax refund should be seen as an opportunity for your future.

If you have your finances comfortably in hand, then this money can be a great way to start saving. It is always helpful to have a rainy day fund for when life throws a surprise your way. Whether it’s an unexpected car repair or worse the loss of a job having an emergency funds can be a life saver. Investing the money in a retirement account or educational fund can also be a great idea.

If you find that your finances are getting out of control or at the very least not really getting any better, a tax refund can be extremely helpful. It can obviously help you get caught up on your rent or utilities, or even get you off the “boot list” if you have accrued a bunch of parking tickets. But it can also go a long way towards clearing up older accounts that are ruining your credit.

It can often seem overwhelming trying to figure out who to pay, but this refund only comes once a year so be sure and put the money to good use. In the coming weeks, we will talk about debt settlement and negotiation, so hold on to the money for as long as you can. In the meantime this may be a good opportunity to sit down and talk with a professional who can give you suggestions on the most effective use for your tax refund.

If you would like to discuss options including debt settlement or bankruptcy call us at 312-767-0111, via email at News@zaplawfirm.com or on the web at ZAPBillsNow.com.