March - Reducing Debt

Many of the tasks you’ve worked on in the Freedom 30 program have necessitated long-range thinking to stay motivated. Setting a retirement goal or adjusting your budget because it will help you eventually accumulate emergency savings means using delayed gratification. This month’s focus – aggressively paying down your debts – can immediately pay dividends. Yes, paying off your debts will likely take several or even many months. But the relief you’ll experience knowing there’s a light at the end of the tunnel can immediately uplift your day-to-day mindset. Few things are more empowering in your financial life than knowing you’re taking command of your situation and erasing burdensome, stressful debts.

As a reminder: The Freedom 30 is a year-long program to help put some structure to the process of putting your money to work for you. The idea is that you dedicate a 30-minute time slot each week to achieving financial freedom – whatever that looks like for you. Each month, you’ll receive a list of 4 mini-projects to complete within a particular financial wellness theme. If you didn’t have the chance to start the program in January, don’t fret. You can always add catch-up sessions to your schedule.

Getting a Tax Refund? Wait Just a Minute!

According to IRS data, the average tax refund issued this tax season is $3,263. If you’re getting a large tax refund this year, you may be like many Americans and already have it spent before it arrives. But before that stash of cash burns a hole in your pocket, give serious thought to pausing before spending it. It can be tempting to splurge on buying new electronics or taking the family on a fabulous vacation. Given the economically challenging times we face, it may be time to take a more practical approach to a tax refund.