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… don’t do it. Give the amount of money you can handle as a gift instead. That way you’re not expecting it back.

4. Buy new outfits. We see this time and time again. As soon as we get a little money, we go out and buy some clothes so that it LOOKS like we got a little money, but then there’s no money in the bank, (shaking my head). Instead of buying that outfit that you had your eye on for awhile, do an inventory of your closet: do you really need a new pair of shoes or does your credit card being paid off sound better?

5. Pass down bad spending habits to others. Listen, if you have a family, don’t share your bad financial habits with them. Once you get a refund check, think before you spend it. One good spending rule to live is this: if you want it, give it 72 hours. If you still want it after three days of thinking about it and the consequences surrounding it, then it should be open for you to purchase it. If there is any doubt in making the purchase, don’t buy it. That’s just the little angel on your shoulder trying to steer you in the right direction.

Also, get your savings in order! Here’s a quick guide:

●If you earn between $30,000 to $40,000: Save at least $1,000 in your life-happens fund and two months of living expenses. Push yourself financially.

●If you earn between $50,000 to $75,000: Save at least $2,000 in your life-happens fund. For now, it’s okay if you’re able to only get to three months of living expenses.

●If you earn between $75,000 or more: Your life-happens fund could reach $3,000 or more. And go for four to six months of living expenses in an emergency fund.

5 Things NOT To Do With Your Tax Refund  was originally published on

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