ALBUQUERQUE (KRQE) – It’s tax season and what that means for many is a healthy tax return.
The average return that most people saw in 2015 was approximately $3,100, but what do most choose to do with their return?
Ralph and David Hicks, Oakmont Advisory Group Investment Advisors, joined KRQE’s This Morning team to discuss the smartest ways to use your return. Watch above.
The first of the options is to pay down your credit card balance. According to Ralph and David Hicks the average credit card is $15,000.
Building an emergency fund is another suggestion. Having at least six months of income in the bank is suggested.
Boosting your retirement savings is crucial. On average, those who are 35 years of age should have a minimum of $45,000. This will help to achieve the $500,000 recommended by the age 60.
If everything is set and you already have money in the bank, a good way to spend your return is to donate to your favorite charity.