76
      Friday
      70 / 57
      Saturday
      75 / 60
      Sunday
      80 / 56

      Investing your tax refund

      tax refund ideas
      tax refund ideas
      Budgeting expert Joni Kearn of Freedom Financial says we should be investing at least a quarter of our income tax refund. She broke down the numbers for us on Good Day Wisconsin.Kearn says the average 2013 IRS refund was $2,985 and the average 2011 WI tax refund was $2,463.Taking those numbers as an example, she suggests you spend it like this: 1/2 paid down debt - $2,750 1/4 fun money - $1,375 1/4 long term savings - $1,375When it comes to long term savings, Kearn has the following suggestions:One-time investment of $1,37510 years @ 8% interest - $2,96820 years @ 8% interest - $6,409$1,375 every year for:10 years - $19,91920 years -$62,92330 years - $155,764Monthly investment of $5010 years - $9,14720 years - $29,45130 years - $74,518Options for investing: Roth IRA, Annuities, Bond funds{}