How Do I Spend My 2022 Tax Refund?
Many Americans look forward to their tax refunds and a CBS News article stated, “Millions of U.S. taxpayers could receive a shock when they see their 2023 tax refunds due to the expiration of many pandemic benefits that lawmakers had designed to help Americans.” The refunds will begin appearing the first quarter of the year, depending on when they were filed. Tax refund checks are the most significant chunk of cash many people get all year.
As of Feb. 10, the IRS reports the average refund amount (aka money taxpayers overpaid the government) in 2023 is $1,997. This is a 14% drop from the average refund amount this time last year.
What Do People Do With the Money?
Every person will consider their options depending on their financial situation when they receive their tax money. Many people pay bills, pay bills, pay credit cards, and invest.
How do you decide?
First, begin by assessing what your short-term cash needs are.
Is it time to pay off a short-term pawnshop loan amount?
Is it time to take the money you receive and set it aside to make repairs to your car, business or home?
Is it time to get caught up on those loan payments you got a bit behind on over the holidays, so you don’t have to pay fees and higher loan interest rates?
Are the credit cards adding up, and the money you received can make a quick cash significant dent in that balance?
In 2022, you spend 2080 hours working your full-time position. The money taken out of your checks may have made you sighed, but now you have the option of paying off bills or investing it in gold, silver, or other precious metals.
Some people consider their tax money “happy money.” They believe they have waited all year and can now spend it as they want. The choice is yours.
Financial well-being has always been a short and long-term goal.
Paying off Credit Cards as an option
You look at the balances on each credit card and determine that for example, if you paid off the high-interest card balances with the high interest, the money you would save in the long run would be more money than you would earn by putting your tax money in savings.
You would be better off paying down some cards.
You can pull a credit report to see any other outstanding accounts with high interest. .
In the long run, you want to be debt-free, but each paycheck goes to everyday living expenses and monthly payments. There is little money left to set aside for paying down the cards or investing. Now may be the time.
A Discovery of Expendable Items to Get the Money You Need to Add to Your Refund
You looked through your drawers, the big and little boxes on the top shelf of your closet, in search of your safe, in search of the diamond ring and jewelry and box you hadn’t looked in in a long time.
You may consider looking through your unused luxury items, like Rolex watches, luxury handbags, name brand tools, and electronics. Take them to a pawn shop to sell outright, so you can get quick cash to combine with your tax return. This will give you more money to do the things you want to do.
Pawn shops purchase gold jewelry and other scrap gold for market value. This may be an option.
Establishing an Emergency Savings Fund with Your Tax Return and the cash you get from Sold Items
Life gets in the way, and sometimes unexpected bills and expenses pop up. Getting collateral loan at a pawn shop is an option, but you don’t want to have to do this if you don’t have to. Maybe setting up an emergency fund by using your income tax and the cash you received from selling your gold jewelry to the pawn shop would get you the balance you need.
There was no need to share credit history, the amount of credit card debt you have, what’s in your bank account, savings accounts, if you have a valid checking account, how much your income is, anything about previous loans or those loan amounts, specific details about where you work, or anything else at a pawnshop when you sell them gold jewelry, gold, silver, and other precious metals or luxury items. They just need a state issued ID.
Investing the Cash from the Return Makes Sense
Pawn shops like Lincoln Pawn Shop have precious metals, pure gold, gold jewelry, gold bullion, coins, gold earrings, gemstone earrings, gold and silver rings, luxury watches, diamonds, loose diamond options, diamond necklaces and rings, all ready to be purchased as an investment opportunity.
Lincoln pawn shop is the best pawn shop in the Anaheim, CA area and they buy gold, sell gold, and buy and sell jewelry. They write low interest pawn loans too. The pawn brokers are always looking for brand name consumer electronics in good working order to use for collateral loans or to buy outright.
They have expert pawn brokers who pay top dollar when they are buying gold.
When you decide to invest in gold, silver, platinum, or other metals, they have not one, but a good deal on everything they sell. Their prices are competitive and honest.
When you bring in gold to sell, the shop will test the purity level of the gold and weigh it. They will give you a quote based on market price. Remember, the higher the karat, the more pur the gold is and the more cash you will get. Their proven track record is why customers keep coming back to them.
As you look at investing, you may want to look through your jewelry. Lincoln Pawn may want to remove gold from the gemstones and decide to make you and offer for the gold content of your jewelry. This cash can be added to your refund and help you invest more money in bullion and coins.
Lincoln Pawn Shop
Gold is the business specialty at Lincoln Pawn Shop. With over 25 years combined experience, their team of professional appraisers is ready to offer you the current price and most cash for your gold.
They deal in all types of other gold items and gold jewelry:
- Gold bars
- Gold coins
- Gold necklaces
- Gold rings
- Gold watches
- Gold earrings
They also have gold jewelry, gold, and other metals like platinum for sale if you want to invest. They have a great price on precious metals for investment. How much pawn shops charge is important when you are thinking about using your tax refund for investment, and you can’t go wrong with Lincoln Pawn.