MILWAUKEE -- 'Money Smart Week' is a nation-wide public awareness campaign designed to help consumers better manage their personal finances. Since 2002, hundreds of organizations around the country come together to collaborate and launch a coordinated effort to offer programs that covers all demographics and income levels to help consumers get information about savings and financial planning.
Kara Kaiser, Managing Director of BMO Private Bank here in Milwaukee joined us on Live at Daybreak Saturday to share more about the last day of 'Money Smart Week.'
Kara shared what you may want to do with your money, if you get a tax refund. She tells us there are a myriad of choices. The first thought everyone should have is savings. That opens up additional options, including investing in IRAs, college funds, 401K plans, or CDs. If necessary, some may want to pay off debts – credit card debt is one area where this could be very beneficial.
If you just have to have a little fun and use some of the refund as “mad money” I would advise that you take a small percentage of it as your “treat," don’t “blow” it all.
If you find out you owe on taxes, it is not the news we want to hear, but we have all been there, haven’t we? Kaiser says this is the wake up call that we need to remind us that now is the time to adequately plan for the future. We may need to revisit the withholding level we have established with our paychecks.
More importantly, Kaiser says it is a reminder that everyone – no matter what income level – would benefit from a financial plan. A proactive financial plan gives you peace of mind and lets you sleep at night. It allows you to manage your tax implications and helps you save for the future. Kaiser would recommend that everyone talks with a trusted advisor to plan for the future, so that in April of 2017 – there are no surprises.