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From now through mid-April, millions of Americans will file their taxes.
However, most finance experts advise against this throw in of spending.
He explains that your tax refund isnt some bonus you earned but a sort of forced savings.
Since you overpaid the IRS, its been holding onto your money before giving it back.
You should spend it on something useful instead of fun.
Putting your entire tax return toward your debt is an excellent way to make a big dent.
Ramsey suggests using one of two methods to tackle your debts instead of going at it haphazardly.
Then, you pay more toward the next smallest and build momentum as you watch each debt disappear.
Invest In Your Roth IRA
Another good use of your tax refund is to invest it.
Suze Orman, a podcast host and personal finance expert, thinks this is exactly what you should do.
A Roth IRA is a retirement account where you deposit after-tax dollars.
Your investment can grow in the account until you withdraw tax-free in retirement.
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