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EP162 – Listener with a $20,000 tax refund; Budgeting for sky rocking gas prices; How to save for a home

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We have a great lineup of your social media questions. We have received so many positive comments about these episodes. If you have a question for us please email to podcast@rocklandusa.com

We begin with a little financial talk on what the Island Boys should be doing with their new-found fame money before the flame runs out. We then get into your questions and comments!

**This post may contain affiliate links, and we may be compensated if you make a purchase after clicking on the affiliate and/or partner links.

QUESTION 1

My tax refund check is about $20,000. I will use $1,000 to contribute to my emergency . With the rest should I apply it towards another savings account after I pay off my debt ? What type of savings account? We didn’t file for 3 years. I have one son. My Husband and I filed jointly. I do not work. I did not know it was bad to get a huge tax refund.

Debt
1. Phones
2. Best Buy
3. Capital one

We own both vehicles and rent a house. We have the option to private purchase with a $4,100 down payment. Total house with down is $35,150.

QUESTION 2
How are you all dealing with inflation’s impact on your living expenses? This is throwing a wrench in my budget.

QUESTION 3
Is it better to invest in different funds or an all in one fund to get the four different categories that Dave Ramsey recommends?

QUESTION 4
What do y’all think i should do? We rent and started saving for a home for the future. Should we save separately for a home and our regular savings? So skip step 6 and start seven? And what we save in step 7 we can use to buy a home?

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