Tax Refund - Could Be Key

What to do with your tax refund?

Many Texans are lucky! According to the charts in today's report, we in Texas are the recipients of some of the largest tax refunds in the country. That refund can be used in many ways - to pay off bills accumulated throughout the year, to buy something special, perhaps bank and use monthly for the coming year.

But, what about repurposing that refund and using it to get into your own home? Finally stop the drain of your cash - stop paying rent - and increase your own wealth. It is an opportunity certainly worth exploring - don't you think?

Down Payment Holding You Back?

Save for a Down Payment Faster Than You Think!

All good things are worth saving for! It becomes a matter of determination and sacrifice. It is not really that much of a hardship to make some sacrifices knowing what is waiting for you at the other end. I suppose we could say that about many things in life’s journey.

Back to getting your own home – skipping some unnecessary expenditures or reducing the amount of money spent can make a huge difference. Perhaps begin with a first look at total income. Then make a budget and set a goal. Maybe consider an extra part time job or overtime hours. Small amounts of money can quickly add up!

Another way to go – and we have written about this previously – if you are a couple, some skip the big expensive wedding (and that can get you a huge jump-start). Others go for a lower profile wedding. Alternatively, they might skip the honeymoon for the time being and do that later (exactly what one of my cousins did – and they “married” again (retook their vows) and then went on a honeymoon).

You need how much? Explore the options! Talk with professionals. You may not need as much money down as you think. The sooner you buy and become an owner, the sooner your life changes!

Use Your Refund to Jump Start Your Down Payment Savings!

Another way to get a jump on the down payment for your own home is to not spend that income tax refund. Forget the onetime splurge. Add the refund to your down payment fund and get that much closer to owning your own home!

Begin to increase your wealth – with a home of your own.

Taxes turned Downpayment

Your Tax Return: Bring it Home. Have a look at today's article to see how folks use their tax refunds. Cannot argue with putting in the bank or paying down debt (assuming the debt is not run up again until such time as next year's tax refund) but think about it - why not look at using that tax refund as a down payment on your own home! Maybe it will take two years of refunds to have enough for your down payment but it is doable. And, once you are a homeowner and have interest and property tax to deduct it is likely that your tax refund will be even larger. A larger refund can be used in so many ways - perhaps some thing special, or added to your savings, college tuition funds, even making an extra mortgage payment once a year and that would be the subject of another article. Tax refunds are SO nice! How did you spend yours