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Expert Alert

Don't treat your tax refund like lottery winnings says expert

April 15, 2009

While it might be tempting to spend that tax refund (if you receive one this year) on a name brand pair of shoes youve been eyeing the past few weeks, a University of Minnesota financial expert has some more prudent suggestions:
Catherine Solheim, University of Minnesota Family Social Science professor 
If you're in the group that is receiving a refund, don't treat it as a windfall, says Solheim. Instead, reframe receiving a tax refund as an opportunity to improve your financial situation in both the short and long term. Priorities should be paying off bills and high interest credit card debt and saving for emergencies such as if your air conditioning breaks down this summer. And, as always, Solheim encourages individuals to not forget about funneling extra funds into a tax sheltered retirement account.
To interview this expert, contact the University News Service, (612) 624-5551.

Tags: College of Education and Human Development

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