How to Have MORE Fun With YOUR Tax Refund in 2005

I counsel a LOT of people about money. I see the same mistakes being made over and over again.

If you've made 'em, don't worry. I'm here to help you do it right THIS year! The fact is, moneymakers need a money coach, just like gymnasts need a gymnastics coach.

As your MoneySmart(tm) coach, here are the mistakes in thinking and behavior I want you to avoid:

* Don't think of your refund as free money ? or lottery winnings. It's not! That refund is your hard-earned dollars that you loaned Uncle Sam interest free ? all last year.

* Don't spend the refund ? or OVERSPEND it - when you haven't gotten the cash in your hands yet.

* Don't spend the whole refund to pay down debt.

OK. So now you're MoneySmart(tm) about what NOT to do with that refund in 2005.

Next, here are my EASY MoneySmart(tm) moves that YOU can make to best handle your in'come tax refund this year.

First, divide your refund into thirds ? 3 equal amounts.

Why 3 equal amounts? Because we want to use that refund ? however small or large ? to handle the past, the present and the future.

Use one third to handle the PAST by paying down debts. Start with your most pressing debt?either the one with the highest interest rate, or the one with the biggest consequence for not paying it down.

Use one third for something you need or want in the PRESENT. If you can, use that money to have some FUN. Do something that is NOURISHING to you ? something that makes you feel GOOD. How about a mini-vacation, or an evening of fine dining and great entertainment, or a day at the spa?

***Of course, if the brakes on the car are shot, or you have some other pressing need, you'll need to do that FIRST.***

Finally, use one third to handle some aspect of your FUTURE. Here are several MoneySmart(tm) suggestions for you to think about.

*Put money in your Anti-Emergency© Fund. (see http://www.phelps-creek.com/archives/Anti-Emergency.htm for details)

*Put money in your Rainy Day Fund (see http://www.phelps-creek.com/archives/safetynet.htm for details) or save for your retirement through your 401(k), 403(b), IRA (traditional or Roth).

*Put money into college education funds (Coverdell IRAs or 529 plans) for your kids or grandkids.

Why is this "thirds" approach such a great idea? Because you'll be taking care of a variety of wants and needs ? AND taking several easy MoneySmart(tm) steps forward towards your BIG goal of financial freedom!

THAT is how you can have MORE fun with YOUR tax refund in 2005.

As always, if you have any questions, please go to my web page www.cindymorus.com for contact information. I'm here to be YOUR coach, and make sure YOU succeed.

Cindy

PS?

Now is also a GREAT time to "check out your paycheck":

* Re-evaluate how much money you are contributing to your 401(k) or 403(b).

* If you got a whopping refund, remember you were just sticking YOUR money in Uncle Sam's pocket. No point in giving Uncle Sam an interest free loan! Adjust your deductions so that you have just enough taxes withheld from your paycheck.

PPS?

If you're paying outrageous credit card charges (and so many people are) you'll definitely want a free copy of "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates". With my MoneySmart(tm) coaching, you be able to save hundreds (or maybe thousands) in credit card interest payments this year. Get a free copy of "A Credit Expert's Secrets You Can LOWER Your Credit Card Interest Rates" when you sign up for at: www.cindymorus.com/newsletter.htm

Cindy Morus (http://www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Get a free copy of the "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates" e-book when you sign up for the "MoneySmart Nuggets" newsletter.

---

Do You Want Money?

Let me ask you a very simple question. Do you... Read More

Its High Time for Lifetime Savings Accounts

I'm constantly reading articles on the internet and in financial... Read More

The Predicament of the Newly Rich

They are the object of thinly disguised envy. They are... Read More

Top 7 Lucrative Paper Businesses You Can Run

Why not run a lucrative paper business? Paper businesses do... Read More

Online Retirement Opportunity: Freelance Copywriting

For most of us, the idea of retiring simply on... Read More

Lesson 1 - Why Arent You Wealthy?

We will start the Financial Fitness System with the assumption... Read More

The One Important Secret of Making More Money Easily

If you're reading this article, it means you are a... Read More

The Morphing of Thought and Cash

Here are some thoughts about the morphing of thought and... Read More

Let Me Inspire You - You Aint Seen Nothing Yet! (PART-1)

You know about compounding right? You understand what pyramiding your... Read More

I Dont Need A Financial Coach To Help Me!

You've been thinking that your financial life could probably be... Read More

Saving Money - 35 Pieces of Advice to Save

There are only 2 ways to grow your wealth -... Read More

Is Accumulating a $1,000,000 Net Worth Easy? Yes and NO

Is accumulating wealth as easy as following a 3-step plan?... Read More

Increase Your Business with a New Old Method: Vaastu Shastra

Whether an established conglomerate or a fledgling company, a business... Read More

The Difference Between Wants & Needs

So you want to become wealthy? While there is no... Read More

Money Myths Of The Poor

From tender age, we were exposed to myths about money... Read More

Learn To Budget

Do you like so many others feel, that even if... Read More

Retirement Planning the Offshore Way

Retirement Planning the Offshore Way Why do so many of... Read More

Plan For Wealth

One very important wealth creating habit is to set up... Read More

Compounding: The Science Of Exponential Money Generation

It all begins with a simple calculation.You are home on... Read More

The Philosophers Stone

"If you know how to spend less than you get,... Read More

Getting An Offshore Bank Account Via The Internet

There is no need to use the many middleman websites... Read More

Get Rich Slowly

Is it hard to get rich? If you're young, not... Read More

Wealth - 10 Basic Steps to Achieving It

Everyone wants to be wealthy. Only a few actually achieve... Read More

6 Proven Wealth Building Strategies

Building wealth is as simple as saving a little bit... Read More

Pennies From Heaven

I want to share an experience I had in common... Read More

Controversial Wealth Audit Reveals Over 90 Percent of Us Could End Up Working Forever...Are You One

Results from a new tool developed by UK based firm,... Read More

You Deserve To Retire Early

The fact is that most people continue to work for... Read More

5 Simple Steps for Serious Saving and Financial Growth

1) Pay off your loan, credit and store card debt... Read More

Start A Cashflow Club

The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More

Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA

Parents must give serious thought to protecting their family through... Read More

Thought Creates Reality Even When It Comes To Money

What if I told you that reading a book would... Read More

Wealth And Your Net Worth

Most people know it's important to keep and organize all... Read More

How To Get Investors And Bankers To Part With Their Money For Your Business

Time and time again entrepreneurs are losing out on getting... Read More