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Get Ready to Bounce Back!
Use your EITC refund to get back on your feet.
Pay bills.
The first step in getting out of debt is to stop spending more than you earn – eliminating the need to borrow. To help, make a budget and cut any unnecessary expenses.
Open a checking or savings account.
This allows you to directly deposit your paycheck and decrease impulse buying. Also, if directly deposited, you won’t even miss the money going into savings.
Attend a local college or university.
Invest in you and your child’s future by creating better career and earning opportunities. For as little as $100, you can open a SMART529 account allowing you to attend any eligible college or university.
Buy a better car.
New or used? New cars are more reliable have superior warranties, but lose 20 – 40% of their value when driven off of the lot. Keep in mind the total cost of ownership: gas, insurance premiums, finance charges, maintenance and repair.
Improve your credit.
Make monthly payments on time. Avoiding late fees for a year can give you a savings fund for emergencies worth $500!
Build savings.
Regular deposits into savings can help in a pinch and provide peace-of-mind. You may also collect interest, adding to your wealth!
Buy a home.
Home equity – the market value of a home minus the balance of your home loan accounts for most American’s wealth. Chances are, your home will increase in value over time.
Start a new business.
The “American dream” began with entrepreneurship/owning your own business. Anticipate lots of hard work and carefully create a business plan to make your dream a reality!
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