What to do with my tax refund?

[DVDFreaker28]

Hello, I am new here and I found this forum which would be helpful in the near future if I have questions or need advice but I do need advice

I got a tax refund of $1,300 but I am unsure what to do with it? Should I use it on my car loan which is currently $3,700 or should I open a savings account and put it in there for emergencies or any other ideas? And no, I am not giving it to you, haha!

Thank you!

[cooliemae]

The usual questions apply here: Do you have an emergency fund? Do you have any other debt. If yes how much and at what interest rate.

In general if you have a stable job, I would say pay off the loan ASAP then use the money you were paying the loan off with and create an emergency fund. Of course this is really dependent on how comfortable you are continuing without an emergency fund and how committed you can be to continuing to pay yourself into the future to create the emergency fund.

[DVDFreaker28]

The usual questions apply here: Do you have an emergency fund? Do you have any other debt. If yes how much and at what interest rate.

In general if you have a stable job, I would say pay off the loan ASAP then use the money you were paying the loan off with and create an emergency fund. Of course this is really dependent on how comfortable you are continuing without an emergency fund and how committed you can be to continuing to pay yourself into the future to create the emergency fund.

I do have a emergency fund of $1,000, I do not have any other debt

[creditcardfree]

I do have a emergency fund of $1,000, I do not have any other debt

In that case, I'd put it towards your vehicle loan. Pay it off as soon as you can, and then focus on increasing your emergency fund to at least 3 months worth of expenses.

[DVDFreaker28]

In that case, I'd put it towards your vehicle loan. Pay it off as soon as you can, and then focus on increasing your emergency fund to at least 3 months worth of expenses.

Good idea, I will do that! Thank you!

[Eagle]

I do have a emergency fund of $1,000, I do not have any other debt

How much is your monthly net income?

How much are your monthly expenses?

$1,000 seems like a very small emergency fund... I'd add least half of the tax refund to your e-fund.

Congrats on being debt free other than you're car! You're almost there!

[DVDFreaker28]

How much is your monthly net income?

How much are your monthly expenses?

$1,000 seems like a very small emergency fund... I'd add least half of the tax refund to your e-fund.

Congrats on being debt free other than you're car! You're almost there!

Monthly income=$1,600

Monthly expenses=Phone=$50, Car payment $350, Car insurance $60, food $200, and gas $100

That sounds a better idea since you said it is a small emergency fund

[DVDFreaker28]

How much is your monthly net income?

How much are your monthly expenses?

$1,000 seems like a very small emergency fund... I'd add least half of the tax refund to your e-fund.

Congrats on being debt free other than you're car! You're almost there!

Monthly income=$1,600

Monthly expenses=Phone=$50, Car payment $350, Car insurance $60, food $200, and gas $100

That sounds a better idea since you said it is a small emergency fund

[Eagle]

Monthly income=$1,600

Monthly expenses=Phone=$50, Car payment $350, Car insurance $60, food $200, and gas $100

That sounds a better idea since you said it is a small emergency fund

Probably a good idea. Any other expenses you could possibly get rid of while finishing getting out of debt?

Do you live at your parents/relatives home where you don't pay rent or utilities?

[DVDFreaker28]

Probably a good idea. Any other expenses you could possibly get rid of while finishing getting out of debt?

Do you live at your parents/relatives home where you don't pay rent or utilities?

Hmm, not really, yes, I do live with my parents and I do not pay rent or utilities