If you are counting the days, no – minutes until your IRS tax refund hits your bank account, then something is not right. The IRS offers a page on their website called Where’s My Refund? You can log into their system and find out the status of your tax refund, from any computer. That’s a good service, since it’s nice to be able to keep track of your refund money.
Spend it Wisely…
But if you’re checking every few hours, every day then obviously you are counting on that money for something. And that’s not a good sign. Of course sometimes we can’t help it if we run into financial trouble and desperately need cash. But if you’re dreaming of splurging on luxury items then forget it: you’re not acting in your own best interest.
Get Your House in Order
Instead of buying a new TV or remodeling your kitchen, get your financial house in order first. Then, if you have some left over and you really want to buy yourself something, you still can. First order or business should be to get rid of high-interest debt. Credit card debt is a ball and chain around your leg and it will drag you down until you get rid of it. Use your IRS refund to whittle it down.
If you don’t have credit card debt, you can either invest your IRS refund or shore up your emergency fund. More about that here.
Eagerly Awaiting Your Tax Refund
Maybe if you’re going to spend that refund wisely, you won’t be quite so anxious to know the exact moment it arrives in your bank account. Yes it’s nice to know you’re going to invest for your future but you certainly have better things to do than check the refund status page every day.