Income Tax Refund 2021 – Money Saving Challenge

Posted on February 18, 2022 by Rick Griffith

saving-money-for-future-funds

Tax money will arrive soon, so what should you do with your tax refund? 

  • First, slow down! Do not rush out and buy lots of new things
  • Make a priority list
    • What are your real needs?
    •  Are you behind on your rent or home mortgage? If so, catch up on it first! 
    • Are you behind on your car payments? Then catch this up as well
    •  Do you need new tires or do you need repairs done on your car or home? Then do this so you won’t neglect a valuable asset. Plus do it with cash you now have, so you won’t be forced to finance repairs a few months down the road 
    • Whatever your refund amount is, commit to putting at least 20% in savings for a rainy day 

How Bad Does a Car Repo Hurt Your Credit?

If you had an existing car loan, do not just walk away from it and let it be repoed so you can buy a newer fancier car. This only hurts your credit long term. Plus you may be sued for any deficiencies from your lender. Now you’re burdened with an expensive car loan, plus deficiency payments on your defaulted loan and still having dings on your credit for having a judgment. Which is why you should always be careful of where you get your loans as well as which car dealership you choose to buy from.

Nothing good comes from a repossession as it:

  • will haunt you with bad credit for years to come 
  • can keep you from purchasing a home
  • will cost you more in insurance
  • you can always be sued by your lender for deficiencies on your previous loan 

Your Relationship-Based Used Car Dealership

At Car Credit we always work with our customers to prevent repossessions. There is always a way to get it paid. We will help! You will have accomplished a great goal and will walk away with a good car. Plus you will save your credit from a repossession, which is always better for you. If you have any questions, reach out to us, we are here to help!

Take up the Tax Refunds 2021 Money Saving Challenge 

The bottom line. When you are blessed with money, especially at tax time, use it wisely! Write down your needs, not your wants, your needs. Slowly and rationally prioritize your list. Be sure to never walk into Best Buy, WalMart or other stores with a “what do I want, now that I have some money” attitude. But most importantly please do not go to the casinos with your tax refund. That money is NOT a gift! It is your hard earned money the government has held from your paycheck and refunded. Be careful with the blessing of cash at one time! If you are looking into using your tax refund for replacing your car, check out our inventory! Even if you have bad credit, we can help with our unique credit approval process. 

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