From the course: Personal Finance Tips Weekly

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From the course: Personal Finance Tips Weekly

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- Once in a while a pile of cash might fall into your lap. Usually, this comes from a bonus at work or from a tax refund and at some point in our lives most people will get this terrific surprise. In fact, eight out of 10 Americans get a tax refund so it's not as uncommon as you'd think and with a windfall there's a huge temptation to spend it all. We've all seen the ads for those new phones, TVs, cruisers, cars. I understand the thrill of that shiny new purchase but I'd suggest very strongly that you curb that urge. So what can you do instead? Right now, before you get your money, think about what you should do with the money, not what you want to do with it. Take a second to look at where you are financially and figure out now what your greatest financial needs are and commit to using the money where it will have the biggest impact. Interestingly, in the US, spending on medical care jumps 30% after a tax refund is received. So if you're one of those people who have deferred medical…

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