With warmer weather on the horizon, you may be ready to start a home improvement project, but you might not even know all of the cool things that are available these days to give your home a makeover. To the rescue – home improvement expos and garden shows! Hundreds of these shows take place across the country every year with many of them coming up in the next few months.

If you’re thinking about making upgrades to your home, you should consider visiting one of these shows so you can see what’s new, get ideas and compare prices!

What to Expect at a Home Improvement Expo

Don’t just rely on ads in your newspaper or flyers attached to your door when considering the right home improvement professionals for you. At an expo, you’ll interact with some of the best builders, remodelers and landscapers in your area.

Some of the professionals you’ll meet include:

• Architects
• Design Consultants
• General Contractors
• Home Security Consultants
• Landscaping Professionals
• New Home Builders

In addition, the latest innovations for products and services will be on display, and you can receive tips and cost estimates so you can make informed decisions.

These shows aren’t boring either! Many expos offer state-of-the-art displays, giveaways, free seminars, live demonstrations and even discounts on services. Larger shows may offer entertainment for kids to keep them occupied while you cruise through aisles of home improvement utopia.

If you already have some ideas, bring them along with you! Whether it’s the smallest detail or the largest upgrade, show your ideas to the professionals to get their opinion, expertise and cost analysis. They may be able to point out things you haven’t thought of, or offer a different twist on what you’re envisioning.

Home and Garden Offerings

With all of these professionals in one place, it’s a good idea to attend the show with a list of questions you have so you can walk away with a realistic plan of action. You’ll be able to see what you can achieve within your budget and even learn about various financing options. They can help you determine the upgrades that will give your home the most value for your investment, or perhaps give you insight about permit requirements in your city.

The good news is, whether you know what you want to do or simply want to see what catches your eye, here is a list of just some of the home and garden offerings you may encounter at your nearest show or expo:

Indoors

• Kitchens & Baths
• Cabinets & Countertops
• Siding, Windows & Doors
• Flooring
• Lighting
• Storage
• Heating & Air Conditioning
• Basement Finishing
• Hardware & Fixtures
• Furniture
• Interior Decorating
• Custom Design Options

Outdoors

• Landscaping & Gardening
• Decks & Gazebos
• Sunrooms, Patios & Pools
• Ponds & Fountains
• Outdoor Lighting
• Stairs & Ramps
• Waterproofing
• Green & Solar Technology

There’s so much to see and learn – you owe it to yourself to spend a few hours getting acquainted with some of the upgrades and technology that’s available to help you turn your home into a castle. Visit your area’s convention center website, or your local newspaper’s event calendar to find out when the show comes to your town!

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Does the size of your home really matter? Is your home bigger or smaller than the average for your area? Our new infographic will help you find out.

Did you know that there are more than 76 million owner-occupied homes in the U.S.? Now you do.

Did you know that 75% of those are considered to be inside metro areas? Now you do.

Did you know that by average cost of square footage, New York City is 20 times more expensive than Detroit? Now you do (and now you know that metro Detroit has some great deals for real estate – trust me on that, my friends).

Did you know that in the Northeast, average homes are older and smaller than the rest of the country? Now you do.

That’s right. You now know all those things and you’ll learn a lot more home-based facts with today’s infographic. Please feel free to share this with any friends and, as always, let us know what you think about it. We would love to hear from you.

Like what you see? Use it on your site!

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<h2>Does Your Home Size Measure Up?</h2>
<img alt="home size matters Does Your Home Size Measure Up?" src="http://www.quickenloans.com/blog/wp-content/uploads/2013/04/home-size-matters.jpg" width="960" height="4762" title="Does Your Home Size Measure Up?" /><br /><br />
An infographic from the team at <a href="http://www.quickenloans.com">Quicken Loans</a>.
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American homeowners are in the midst of a hot and heavy love affair with low interest rates. But not every courtship has a happy ending.

As the final days of 2012 slipped away, Lisa Price made her client an o­ffer she thought he couldn’t refuse. Her client—we’ll call him John Doe—was paying a rate of 6.616% on his $435,000 mortgage, with 25 years left to go. Price, a mortgage banker for Quicken Loans, offered to refinance his loan at 4.125%, keeping the 25-year payout time. The deal would have knocked his monthly payments down to $3,383, a savings of $630 a month. Closing costs were minimal and would have been recouped through the savings within four months of signing. And with the streamlined process she proposed, it would have required very little paperwork and wasn’t contingent on any appraisal valuation. It seemed like a no-brainer. But John Doe said no thanks.

“It didn’t make any sense,” says a stunned Price, reflecting on the rejection. “Usually when I call someone with a deal like that they’re really excited.”

It’s typically pretty easy for mortgage brokers to give away money, and indeed, refinancing activity has skyrocketed as interest rates plummeted in recent years. The one group of homeowners who didn’t participate in the refi boom—those whose home prices tanked, leaving them without enough equity in their home to qualify for refinancing—are now eligible to restructure their loans thanks to a new government program. But as Quicken Loans and other mortgage originators have learned, it can be surprisingly difficult to persuade some of these people to take sweet deals like the one above, even when the government is greasing the skids.

The first government assistance programs after the housing bubble burst o­ffered to help homeowners only after they stopped paying their mortgages.  But a later program—the Home A­ffordable Refinance Program (HARP)—was designed specifically to help out those underwater homeowners still paying their mortgages on time by giving them access to the low rates so many others are enjoying. HARP has been refinanced several times since its inception in 2010, and every version of the plan has made it easier for homeowners to qualify. But getting the word out hasn’t been easy.

Quicken and other mortgage originators have aggressively tried to let homeowners who qualify know about the program. “We get their home number, the business number, their e-mail, we express mail packages to their house so it looks serious,” says Dan Gilbert, founder and chairman of Quicken Loans. “We leave messages; we tell them, ‘Go look up HARP on Google and you’ll see it’s real.’ We don’t quit.” And yet almost half of these homeowners don’t respond. “If you would have told me all the facts about how this works before, I would have predicted we’d get 80% to 85%,” Gilbert marvels.

Ultimately, Quicken says, only about 25% of the homeowners who qualify for HARP actually end up refinancing. And that’s the shame of it all. HARP is a smart program. It rewards good behavior—those who have continued to pay their mortgages—while lending a helping hand to those who could really use it. And it attempts to even the playing field by giving more Americans fair access to the low interest rates enjoyed by big businesses and the wealthy. This program is also good for the economy, as consumers spend much of the money they save on their mortgage payments.

So how do the government and mortgage originators convince the public to take advantage of a program that can truly help many who need it? It’s the classic lesson of once bitten, twice shy. Wounds from all those no-money-down loans and balloon payments have yet to heal for the homeowners bitten when the housing bubble burst. Others still feel the sting of paying hundreds for appraisals in an attempt to refinance, only to be spurned when their homes were valued at less than they owed on the mortgage. It may be hard for those consumers to trust again anytime soon. But for those with the courage to give it another go, love might actually be better the second time around.

Reprinted with permission – PARS International

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Right now is the most popular time for people to buy a home, and if you’re looking to sell or refinance your home, one of the things you’ll have to deal with is the appraisal. If your appraisal doesn’t go well, it’ll considerably drop the perceived (because perception is reality) value of your home. So, it’s really important to do some research and know what to prepare for when you’re getting an appraisal.

The basic thing to keep in mind, an MSN.com article explains, is that “Some of the advice [for appraisals] — like home valuations themselves these days — might seem contradictory. But what all the appraisers agree on is the importance of keeping the look, feel and condition of the property as updated and cared-for as possible.”

To best prep for your appraisal, you should become familiar with the appraisal process so you know what to expect so you can prepare your home accordingly.

The Appraisal

While your mortgage lender can’t conduct the appraisal, they’re the one to order it through an appraisal management company, which will then select the individual appraiser to visit your home. The appraisal will last approximately 20-45 minutes as the appraiser examines the quality, condition, size, etc., of your home.

The three parts of the appraisal

With every appraisal, you have the inspection, the comparables and the final appraisal report. The inspection is the part where the appraiser visits your home. The comparables (comps) are similar homes in your area that have recently been sold. The appraiser researches comparable homes to help figure out the market value of your home.

And, you guessed it, the final appraisal report is what the appraiser issues after he/she has inspected your home and researched the comps.

Your Home

The general appearance of your home will affect the appraiser’s evaluation of your home. Before an appraisal, spruce up your home, inside and out, so your house looks clean, neat, well-kept and appealing to others.

Start with the outside

Mow and trim the lawn, put away or organize any tools/gardening equipment and clear away any debris like leaves or sticks. Get rid of any noticeable weeds or dead plants, too. Also look at the condition of the house itself. Do you have peeling paint, cracked/missing bricks or mortar, damaged gutters or siding? Peeling paint is one of the big things appraisers look at, and some types of mortgages appraisals – like FHA – have very specific requirements about paint condition. It’s absolutely worth your time and money to repaint any worn or damaged areas inside or outside your home before an appraisal.

Now tackle the inside of your home

After you’ve got everything shipshape outside, walk through your front door and try to look at everything through the eyes of a critical stranger. Mess and clutter will project a negative image of your home and can decrease its appraised value.

Some experts say just an old TV can make an entire room look outdated. This isn’t a necessary change, but if you were thinking about upgrading your TV soon anyway, think about doing it before your appraisal to spruce up your home’s appeal.

Keep your appraiser’s comfort in mind

You don’t want to patronize your appraiser, but think about little things you can do to make the visit a pleasant one. For example, lock up your dog if you have one. The appraiser doesn’t want an excited, or angered, pet jumping up on him/her while working. If it’s cold outside, make sure you have your house set at a comfortably-warm temperature and vice versa if it’s hot outside. You want the appraiser’s visit to be as pleasant as possible.

Also keep in mind the $500 rule

Appraisers often measure home value in $500 increments. If your home needs some relativity-minor repairs, they’ll hurt your appraisal. Absolutely fix or replace all non-functioning door latches/handles, torn screens, worn out carpet and basic plumbing and light fixtures.

Effective age

Having lights, doors or windows that don’t work can affect your home’s effective age. If elements of your home are worn or in disrepair, its effective age will be higher so it will be compared to homes that are older than it actually is.

Keep track of all repairs or updates to your home

This is something you should do whether you’re thinking about appraisals or not – so that you can point them out, along with any other special features of your home, to the appraiser.

Sell the neighborhood

You’ll also want to keep track of and show the appraiser any changes or amenities in your neighborhood. If there are any parks, playgrounds, historic landmarks, unique shops, restaurants or anything else that makes your area stand out as a great place to live.

The bottom line for home appraisals is to make your house as appealing as possible but don’t stress about it too much. Appraisers are trained to be careful and fair in their inspections.

Have any questions or suggestions? Please share them with us!

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Do you like saving money? Sure you do, but at what cost? This question, along with many others, must be answered after purchasing a condominium.

Along with Homeowners Association (HOA) fees and policies, you also have to think about insurance. Most condo associations provide a comprehensive insurance policy. The question you must then answer is, “Is the policy enough?” As part of your HOA dues, your insurance policy typically covers some damages caused by natural disasters such as hurricanes, floods or earthquakes to a certain extent.

Here’s where things start to get interesting. Say you purchase a condo in Florida. Instead of looking into other insurance policies, you decide that the one provided as part of your HOA dues is enough. Fast forward a year later, when a hurricane does major damage to both the exterior and interior of your condo.

No problem, everything is covered, right? Wrong! Your HOA dues go toward an insurance policy that protects the exterior structure of all condos along with shared areas inside the complex such as swimming pools and other recreational areas. It doesn’t, however, cover the interior of your condo when it comes to personal property such as TVs and kitchen appliances.

Depending on the fine print of the master policy, you may even be responsible for the cost of repairing your walls and carpet. Some policies cover these costs, but only to a certain extent. For example, say you move in and get new carpet in the living room and new wood flooring in the kitchen. Any improvements you’ve made since purchasing the condo usually won’t be covered. So, instead of replacing the brand new carpet and flooring you had installed, you’ll be downgraded back to what was there originally.

Now you’re out any electronics and appliances that were ruined and back to the original carpet and flooring. I’d guess that this series of events wouldn’t make you too happy.

That’s why it’s an absolute must that you find out what the master policy insures. From there, you’ll need figure out what else you want insured. If your condo is in an area where major natural disasters could occur, you’ll want to make sure your possessions are covered. How much coverage do you need? According to an article on Bankrate.com, you need to come up with a rough estimate of how much other owners in the complex have paid for upgrades. By doing this, you’ll be able to take out an appropriate coverage plan.

From here, you need to pick between cash value and replacement-cost coverage. If you’re not familiar with the two, cash value can be thought of as “fair market value,” or the value of the insured item minus depreciation. Replacement-cost coverage is the cost to replace the property on the same premises with other property of comparable material and quality used for the same purpose.

Now that I’ve covered insurance policies you should consider to protect your condo against the weather, liability insurance should also be taken into consideration. Would you want to be responsible if someone slipped and injured themselves in your condo? I surely wouldn’t.

It may seem like you have a lot to consider when it comes to insurance after purchasing a condo. On one hand, it’s true; there are a lot of details to think about. On the other hand, isn’t it always better to be safe than sorry?

What do you think? Is it worth the risk to save some money by not covering holes in the master insurance policy? Let us know in the comments section below!

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Mortgage rates are at historic lows. We know that.

But for how long?

Nobody knows for sure. That’s a given. But all the signs are starting to point to mortgage rates going in one direction. Up. And probably in the not-so-far-away future.

Chief Economist Bob Walters explains it all in this video. He talks about how short-term rates (the Fed Fund rate) are already at zero. That means they can’t go any lower. Long-term rates (30-year fixed, for example) are down to levels Americans haven’t seen in decades. Since Eisenhower was president. And I Love Lucy was a brand new TV show. That’s a long time, friends.

Walters discusses a speech Federal Reserve Chairman Ben Bernanke gave on March 1, 2013 in which Bernanke gave a forecast of the 10-Year Treasury rate, which could rise significantly by 2017.  This is important, because the 30-year fixed rate traditionally is about 2% higher than the 10-Year Treasury rate. So if the 10-Year Treasury rate rises to 5%, guess what happens to the 30-year fixed rate? You guessed it. It goes to a whopping 7%. The funny part is that my first VA loan was a 30-year fixed in 1998 that was 7.25% and I thought I had won the lottery. My friends congratulated me on getting such a low rate.

You won’t feel like you won the lottery if rates rise to 7% and you miss out on rates in the 3%-4% range. No, you’ll feel like you lost a lot. And you will have.

So don’t wait. If you can refinance at today’s rate, you should. What are you waiting for?

Check out the video and let us know what you think.

If the video does not play, click here.

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Are you thinking about refinancing your home? Trying to learn all the things involved in getting a mortgage can make your head spin. You probably know that getting your house appraised is one of the major steps in the process, but how does that work exactly? Is there anything you can or should do to prepare for the appraisal and try to raise the value of your home? Yep, there are some things you can do. But, first, let’s look at some of the basic appraisal requirements for an FHA mortgage.

FHA mortgage

An FHA loan is a mortgage backed by the Federal Housing Administration. This means the government insures the loan so there is less risk for the mortgage lender in case a mortgage is defaulted on. FHA loans were created in response to all of the foreclosures in the 1930s and are very popular, especially for first-time home buyers. FHA loans are often easier to qualify for because they don’t require a high credit score or a high down payment – usually just 3.5%.

On the flip side, FHA loans require more insurance (because of the more relaxed standards), and the home has to meet certain requirements. If you’re applying for an FHA refinance you’ll have to get your home appraised by a special FHA-approved appraiser who looks at all the factors a regular appraiser does but takes a more in depth look at health and safety aspects and risks of the home.

FHA appraisal

The appraiser looks at things like if the home has handrails, broken windows, screens, pest infestation and other issues that aren’t necessarily as important for regular appraisals. One of the big things an FHA appraiser checks out is the age and condition of the paint on both the interior and exterior of the home. The main thing he/she is looking for is possible lead contamination.

For homes built before January 1, 1978, you have to protect against poisoning from lead-based paint, and even with homes built after 1978, the exterior paint has to be touched up if the finish is unprotected. If there are any areas, inside or out, where you have cracked, peeling, scaling or loose paint, you have to carefully wash, sand and scrape away the loose paint while making sure to catch all the paint chips with a drop cloth or something similar.

If your home doesn’t meet the requirements, you’re going to have to make the necessary repairs/upgrades before you can qualify for an FHA mortgage. So, if you want to refinance soon to take advantage of the current low rates, you can start working to get your home up to FHA standards now to help move the process along quickly and smoothly.

Painting outside

If you’ve got any damaged paint on your home, you’ll want to take care of that right away. You really can’t paint when the temperature is below 40 degrees Fahrenheit, and the Paint Quality Institute recommends not painting when the temperature is 35-50 degrees.

There are some paints designed for cold weather like Sherwin-Williams LowTemp 35 line of products. Even with paint designed for temperatures as low as 35 degrees, remember that the air and the surface you’re painting can’t fall below 35 degrees, even at night. So, if you’re going to be painting in cold weather, you still need to keep an eye on the weather and plan ahead. Also, whatever other products you’re using, primer, stain, caulk etc. need to be designed for use in cold weather as well.

With FHA appraisals, you can be under the gun to get mandatory improvements done in a short period of time, but if you paint when it’s too cold or wet and the paint doesn’t last, then you’ve wasted your time and money.

Because the weather is slowly getting warmer, now is the perfect time to get a head start on your home improvements. If you’re painting inside your home, you’ll be fine with any indoor paint you find in the stores, but if you’re painting outside, there are some things you should know.

When it’s cold outside, below 50 degrees, paint will take a lot longer to dry, and this increases the risk of dust, dirt, bugs and other debris getting stuck in the paint or having it smear.

You can use either water or oil-based paint on exterior surfaces, but certain paints are better for particular materials. Oil-based primers and be used with either type of paint, but water-based primers should only be used with water-based paint.

The Home Depot has a great list of what kind of paint you should use based on what kind of surface you’re going to be painting.

You can use either oil or latex for floors and porches, but 100% acrylic latex usually works best because it’s weather-resistant.

Both oil and latex paints are available for gutters, but oil is better this time, especially for tin gutters. Oil-based paint also adheres well to galvanized steel and aluminum, but be sure to use a galvanized metal primer.

You can get both oil and latex paints for house/siding paint jobs – they’ll endure severe weather conditions.

Masonry paint is usually latex and works on stucco, concrete, cement and shingles. Often, you have to use some kind of bonding primer first.

For painting a pool or marine area, you’ll want a polymerized cement-based paint for concrete and granite surfaces. Make sure to look for paints that are stain and abrasion-resistant and double check the compatibility with your surface.

If you’re looking to paint the roof, you’ll need an acrylic-latex blend and it should be mildew/algae proof, but paint is never a substitute for waterproofing your roof.

Hopefully, you’ve found this info helpful, but if you have any questions or other information, please share them with us!

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In 2013, everyone’s going green, and I don’t just mean environmentally.

The color experts at Pantone have chosen a new color of the year: Emerald (Pantone 17-5641), for its elegance and ability to enhance a sense of harmony.

Emerald is not only the birthstone of yours truly…its lush, radiant color has been adored by Cleopatra, encrusted in royal treasures around the world, and considered a stone of protection for thousands of years.

Embracing Emerald 

While some may have rolled their eyes when the color of the year was announced, I got excited. To me, emerald green is one of the few colors that everyone looks great in, no matter what skin tone you have. It’s a happy color, a natural part of earth’s color scheme and consequently a color of calm and refreshment. Who would roll their eyes at that?

You may not have been a fan of last year’s Tangerine Tango, but something as natural as the color of grass? That’s something to rave about. I’m not saying to break out a bucket of high-gloss and paint your living room green, but adding Emerald accents into your décor can add a splash of color that’s rich, inviting, and did I mention, seasonless?

Not sure where to start? Typically, decorators use some form of the 60/30/10 rule, where a room features a dominant color (60%), a secondary color (30%) and an accent color (10%). With Emerald being such a vibrant shade, it makes for a great 10% of a room.

Bold Emerald Accents

Here are a few home décor accent ideas to help you embrace Emerald and all of its jewel-toned beauty.

• Pillow/Pillow Cover: You can find geometric, leafy prints, or embroidered designs that incorporate Emerald at many home décor and department stores.

• Rug: Placed under a coffee table, or as a splash of color against your normal flooring, a rug can add dimension and character to a room.

• Live Plants/Faux Greens: If you don’t have a green thumb and suspect you may kill a real plant in a week’s time, there are plenty of real-looking faux greens available at your local craft store. From topiaries to faux grass squares to cacti, you can find replicas of the real thing that fit into your décor. Place a couple on your kitchen windowsill, an end table, or as a centerpiece in your dining room.

• Photo Frame: If you have dark furniture, placing your favorite photos in a beautiful green frame takes your wood pieces and makes them even more classic. If you have light-colored furniture, a green frame can make any tabletop look airy, fresh, and updated.

• Vase/Apothecary Jar: Consider buying small, one-stem vases in different shades of green and placing them in a line or cluster on your mantle. You can add flowers for a spring look, or branches for an earthy one. If you can’t find green vases to your liking, purchase clear glass apothecary jars of different heights and fill them with green acrylic gems or sea glass from your local craft store.

• Lamp/Lampshade: Bring color to an otherwise dreary corner of a room by adding some light. A green lamp doesn’t mean your room has to look like a law library. Décor stores such as HomeGoods and Pier 1 offer all kinds of plain or clear lamp bases that only call for the addition of a decorative green lampshade.

• Tableware: Green doesn’t have to be reserved for the holidays when it comes to your dining room. Plates, bowls, and servingware with Emerald green designs on them can make for a fun and refreshing dining experience. Or consider green-tinted goblets in place of your everyday glassware to complement the dishware you already own.

• Linens: If you aren’t ready for new plates and glasses, try incorporating Emerald into your table linens. From tablecloths and runners, to placemats and napkins, your table settings will look classy and elegant even when you’re just sitting down for a bowl of cereal.

• Towels: Emerald green towels in the bathroom can create a calming and serene environment to unwind and relax. To totally transform your bathroom, select a shower curtain or bathmat in a coordinating green or complementary color. Place a couple of aromatherapy green candles on the counter of the sink to tie the look together.

• Art: Transform your wall or just a little space of it with artwork or photography that features the color of the year. It should be an image you don’t mind serving as a focal point on the wall. Choose nature scenes, watercolor or modern geometric graphics depending on your existing décor.

Coordinating Colors:

You’d be hard pressed to find a color that doesn’t go well with emerald green, but there are definitely ones that truly complement this royal hue. It’s lucky 2013, so here are 13 of my recommendations:

Beige

Black

Brown

Charcoal

Coral

Light Blue

Light Pink

Mint

Mustard

Peach

Sapphire Blue

White

Yellow

It’s easy to incorporate the Pantone color of the year in your home affordably and with minimal effort.  Have you embraced Emerald? How have you decorated with Emerald at home?

The post The Color of the Year: Emerald Home Décor Ideas appeared first on .

Looking for a few good ways to make 2013 the year you take control of debt and get that savings account fattened up?

How about 13 ways?

We’ve got them here with our latest infographic “13 Ways to Save in 2013.” We love it and we’re sure you’re going to love it too. We know for a fact you’ll love saving some serious cash with these very interesting tips.

Here are a few to pique your interest: lower the temperature on your washing machine, dry clean at home, workout at home, and of course, refinance your mortgage at today’s super low mortgage rates. That’s a no-brainer, right? I mean, who wouldn’t refinance if they have a higher rate than today’s rates? Hint: don’t forget that you can refinance up to 200% of your home’s value with Quicken Loans. That means if you owe $300,000 on your home and it’s only worth $150,000, we might be able to help you out and save you some cash. Hint: my sister just did this with Quicken Loans and dropped about $200 off her monthly payment. Hint: enjoy the infographic and let us know if you have some other great ways to save money.

CLICK TO ENLARGE

CLICK TO ENLARGE

Embed 13 Ways to Save in 2013 on your site:

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</p> <h2>13 Ways to Save Money in 2013</h2> <p><img src="http://www.quickenloans.com/blog/wp-content/uploads/2013/02/money-saving-tips-web-optimized.jpg" width="660" height="2063" title="13 Money Saving Tips for 2013 Infographic" alt="money saving tips web optimized 13 Money Saving Tips for 2013 Infographic" /><br /> An infographic from the team at <a href="http://www.quickenloans.com">Quicken Loans</a>.<br />

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Monday’s are generally my least favorite days of the week. This past Monday was no different. It all started when I woke up. The realization that football season is officially over until August hit me at precisely the same time I realized my rent payment was late. Not a good way to start the day, right? That was only the beginning.

A half hour later, I opened my front door to start my car using my remote starter. Of course the temperature was below freezing and snow was falling (have I mentioned I hate winter?). Oh, and to top it off, my car wouldn’t start. This all happened in a matter of about an hour. To make a long story short, a neighbor helped me jump start my car and I was two hours late to work. After work, I got my car battery checked. To top off what had already been a terrible day, I was told I needed a new battery. AWESOME!

While it probably seems like nothing could brighten up a crappy day like I had, that’s actually not true. In fact, I got a little reminder that made me somewhat forget about everything that happened earlier. Any idea what that reminder could have been? I’ll give you a hint: it’s got something to do with a small chunk of cash coming my way in the near future. I’m talking about my tax refund.

Before you get excited, it’s important to remember that not everyone receives a refund. It all depends on what you claimed on your taxes throughout the year. If you claimed “0” on your taxes, you had more money taken out of your paychecks, which means you’ll get money back in the form of a tax refund. If you claimed “1,” you had a little less taken out of your paychecks, which means you’ll most likely get some money back. If you claimed “2,” you could end up owing money because you had the least amount of money taken out of your paychecks.

For the purpose of this blog, we’re going to pretend that you will receive a tax refund of $1,000. What would you do with that $1,000? It’s a question that many people will have to answer over the next several months. Is the money burning so much of a hole in your pocket that you need to spend it ASAP, or are you fine hiding it away in your savings? I’ll give you some suggestions on what to do with the money below.

Emergency fund

I’m sure the first thing you want to do after receiving a check for $1,000 is not spend it, right? Well, putting some of that money into a savings account to give yourself some leeway in case you run into a financial bind might not be a bad idea. It’s recommended that you have at least six months of funds saved up in case you get laid off or have to take an unexpected and extended leave from work. It’s also nice to have some extra money for when you have car problems, such as a battery that needs to be replaced.

Pay debt

Whether it’s credit card debt or school loans, why not put some (or all) of the money toward getting rid of your debt? The quicker you take care of the debt, the less you’ll have to worry about it in the future. Just think, if you pay it off now, you can use your next tax return for something else.

If you don’t have any credit card debt or school loans to pay off, why not put the money into an account to use strictly for paying car payments, rent, or cable and internet? That way, you won’t be taking money out of your paychecks to pay for those because you can use your tax refund to take care of the bills.

Invest

Do you know that it’s recommended to start saving for your retirement in your 20s? That may come as a surprise to you, but when you think about it, it makes sense. The sooner you start saving, the more money you’ll have when you retire. There are many different ways to begin saving, including IRAs and 401(k)s, so do some research before making your selection.

Needs

Is there anything you or your family really needs? Make sure to take care of the necessities before anything else. Have you been putting off getting a cavity filled because you haven’t had the money? What about getting new brakes on your car? It’s probably better that you take care of these issues before they develop into something worse.

Vacation

Even I can admit that the first four ideas seem boring. Who wants to save money when they can use it to have fun? I’ll give you the OK to do that only if you have an established emergency fund, no debt, an existing retirement fund and zero needs. If you fall into that category, why not take a vacation? As I’ve mentioned on countless other occasions, I’m not a fan of the winter. A nice trip down to Florida to relax on the beach and golf 18 holes sounds like a dream come true to me. If you can swing it (financially and golf speaking), take a vacation.

Wants

If you don’t need anything and don’t want to take a vacation, what do you want? If it were me, I’d consider a new set of golf clubs or season tickets for my favorite sports team. If you aren’t a big sports fan, how about a shopping spree at the mall?

Home improvements

Are you looking to remodel your basement or add on to your house? If so, your tax refund is a good place to start. It probably won’t cover the entire cost if you’re looking to make some major modifications, but it’ll help lessen the blow.

Now that I’ve given you several ideas on how to use your tax refund, what else could you use your refund for? Let us know in the comments section below!

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