Tax Season: Time to Reevaluate Your Finances
Tips from Elina Loebe, TFCU Senior Member Service Specialist and Budget Counselor

It’s that time of year again, tax season! This year, don’t let your tax money go to waste; put it to good use. Here are some ideas to help you prepare for a positive financial year ahead.

Do you spend your ample tax returns on frivolous things each year? Here are some suggestions to put that money to better use.

• Invest in your future.
  Use a portion of your return to start an Individual Retirement Account; the future holds many possibilities when you properly plan ahead.
• Pay down debt.
  Credit and department store cards are a good place to start, they often have the highest interest rates.
• Save for the holidays.
  Its never to early to start your Christmas list when you're already saving with a TFCU Club account.

Do you find yourself unable to cover emergencies and other expenses each year? Your tax dollars can help you there, too.

• Build your emergency fund.
  Your refund can be used to start up your emergency savings club.
• Be proactive.
  You can use those dollars to fix that almost-shot-auto-part you have been putting off. Fixing your vehicle before it worsens or breaks down completely can save you more money.
• Adjust accordingly.
  Make adjustments to your paycheck if possible to keep more each payday, but allow enough that you wont owe at tax time.

Need other ways to save money throughout the year? Try these frequently overlooked money savers.

• Refinance, when possible.
  If your mortgage or vehicle loan rate seems too high, it probably is. Refinance for a lower rate and see instant interest savings each month.
• Focus on saving.
  Take a moment to reevaluate your current monthly debt to see if there are any items that can be reduced or changed to lower your costs. Cooking more meals at home, tweaking the thermostat, and quelling your shopping habits is just the beginning; there many ways to save. If you need help, our Budget Counselors are available for free, and your next appointment is just a call or click away!

Check back next month for another helpful financial tip from our Credit and Budget Counselors. If you are interested in receiving free Financial Counseling, schedule an appointment at (520) 795-8520 or budgethelp@tucsonfcu.com.