We are well into tax season and the last day to file taxes or request an extension is April 15th. If you receive a refund, think about how you will allocate your refund before receipt.  It’s easier to decide and commit ahead of time instead of waiting until the money is begging to be spent once it is in your bank account.

My recommendation is to divide your tax refund so that you can accomplish your financial priorities and still have fun. When I receive my refund, I take 10% off of the top to tithe, and then I divide the remaining 90% into thirds. I use my first third to increase my savings. I use the second third to retire debt, and the remaining third on a guilt-free splurge. Following those steps allowed me to allocate my money where I needed it the most and still do something for myself.

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