User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


79° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.
Severe storms possible Sunday night: Click here for details.

 

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Most Popular Today


Spend Or Save Your Tax Refund?

April 4, 2012, 9:50 PM by Angela Kennecke

Spend Or Save Your Tax Refund?
SIOUX FALLS, SD -

The average tax payer gets a nearly $3,000 refund.  That's a nice little windfall and there's a lot of temptation to spend it.

When the check arrives in your bank account, it's natural to feel the urge to spend it.

"I'm kind of hoping to put it toward a kayak.  That's my main goal. I probably should spend it on my car to fix it up, but I really want a kayak," Danielle Quist said.

"I just spent it on new tires for my car.  Yeah, it was a bummer," Alex Cahlander-Mooers said.

Others plan to save some, spend some.

"I guess the rest you could just throw in the bank, but it's more important we start putting it back in the economy," Len Abraham said.

Of course, financial planners would advise you against having the government withhold so much money from your paycheck and use it for free all year.

"It's not good to have the government hold your money for the better part of the year. It doesn't make good economic sense.  But again for some people that just can't save, money burns a hole in their pocket. It is a way for them to accumulate money to use for a project," Neil Graff of Eide Bailly said.

But Graff says paying down debt should be the number one use for your tax refund. 

"A way to really help ease your life is to reduce your debt. If you can reduce your debt payments or your monthly payments, your life is going to be easier," Graff said.

Once you're out of debt, Graff advises saving it in the form of investing in an IRA or your 401(k) plan at work. 

"It gives them a tax advantage investment and it locks the money up where they can't get at it in some kind of minor emergency; it's a two fold advantage for them," Graff said.

Of course, spending it is a lot more fun.  The number one thing people spend their tax refund on is electronics, followed by a vacation.  Go to my KELO Angela Kennecke Facebook page and tell me what you plan to do with yours.

Previous Story

Next Story


Comments







Sponsored

 


View business

You may also like

Presidential Proposal Would Expand Overtime Pay

6/30/2015 7:08 AM

Obama is unveiling a proposal to require overtime pay for workers who earn up to $970 per week, up from the current $455 threshold.

Full Story
Moe's Southwest Grill Selects Sioux Falls Location

6/29/2015 12:41 PM

You will soon have a new option for chips and salsa, salads and tacos in Sioux Falls.

Full Story
New Outdoor Venue For Falls Park West

6/29/2015 5:07 PM

Mayor Mike Huether's Capital Improvement Plan includes $2.5 million for the Levitt project.

Full Story | Watch
New Laws Bring Changes To Commercial Driver's Licenses

7/1/2015 6:52 AM

The new regulations raise the minimum age to apply for a commercial driver's license from 16 to 18.

Full Story
Greek Banks Closed, ATM Withdrawals Limited

6/29/2015 7:58 AM

French President Francois Hollande says France has "nothing to fear" from an eventual Greek departure from the eurozone.

Full Story


Events