Debt has become a reality of life in America. The average adult has thousands of dollars of debt, even without a mortgage. Car leases and loans, rent to own furniture and electronics, “no interest for 90 days” payment plans… All of these things contribute to the ever-increasing debt load most people are burdened with.
The first thing you have to do to free yourself financially is to make the decision to get rid of all debt. Once you make the decision, you should further commit yourself by stating that you will get rid of debt, no matter what it takes. It is tough to pay down debt, but you can, if you attack debt with everything you’ve got.

Paying Down Debt – Methods to Save the Most Money

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It is, after all, better to keep more of your pay check each month instead of paying more in taxes and getting a bigger refund.

BUT… if you do have a tax refund coming to you, there are several really smart frugal things to do with it. The following list show what you should do with your tax refund in the order the things should be done for maximum money savings:

1) Pay off interest-bearing loans or debt

The interest charged on debt or loans is the worst waste of money every. If you pay off your debts early or faster, you will have to pay less overall.

2) Purchase safe investments or save the tax refund money.

The best way to save money is to save money. Make your tax refund money work for you by putting it in a high yield savings account, or purchasing some safe investments such as CDs or money markets.

3) Shops sales for large ticket items

Earmark your tax return refund for purchase of large ticket items YOU ABSOLUTELY NEED! Purchasing a washing machine on sale may save you money over going to the laundromat every week. Buying energy efficient air conditioners instead of the old clunker hanging out your window will save money and is more earth-friendly.

4) Stock up on bulk items

Using your tax refund to stock up on bulk food, toiletries, and paper products is a great way to save money. Combine sales with coupons and fill your pantry with enough inexpensive goods to last till next year.