With the end of the era of cheap oil, and with food prices inflation on the rise, it is important to take stock of what the tax rebate means for your personal finances. For most of us, it will merely offset the costs of the aforementioned oil and food prices.
But one thing is certain: Whether you are one of the thousands that will get your tax rebate today by direct deposit, or whether you will have to wait until July (or sometime in between), you need to decide what your priorities are. Because whether or not we are in a recession, it’s time to make the hard financial choices — before they are forced upon you.
- What you can cut back on.
- Whether you can pay down some of your debt.
- What kind of emergency fund you have.
- What your expenses in the coming months will be. And consider your needs first.
You are going to need to use your tax rebate to address the most pressing issues in your personal finances first.