Faith & Finance

Rob West

Avoid Refund REMORSE

February 6, 2020
00:00 25:00

Here we are in February and by now you should have all the paperwork you need to file your taxes. If you’re like millions of Americans you’re looking forward to a refund. The question is how will you use it? Will you let it disappear down the black hole of your checking account or will you put it to work for your future? MoneyWise host Rob West has some great tips on how to do that.

•          All across America, some will receive refund checks but unfortunately, many of them will end up spending it because they see it as “outside the budget.”

•          Ideally, you want your refund to be as close to zero as possible. You can adjust your withholdings by filing a new W-4 form with your employer.

•          If folks are getting a sizable refund how can they use it wisely? The first thing to do is to build up an emergency fund or to start one. You want to have 3 to 6 months’ living expenses in liquid savings—your tax refund can be a great jumpstart on this. An emergency fund allows you to handle life’s inevitable expenses without having to borrow.

•          The next smartest thing you can do is to pay down debt if you have it. It’s the best investment you can make with your refund.

•          Start saving for retirement. Get that refund working for you. If in 2010 you’d put your $3,000 refund into a retirement portfolio earning 5%, today you’d have nearly $5,000!

•          Look for other ways to invest that refund. For example, if you’ve been putting off a necessary home repair, it’s okay to use your refund check for that. Also, home improvements are a good place if they help increase the value of the home; not all are worth the money so do some research.

•          You can invest in yourself by improving your work skills. Use your refund to get more training, take a course, attend a conference or join a professional organization.


In today’s show we also answer your questions:


•           I want to reduce my mortgage more quickly. I have 7 years left. What about paying extra on my mortgage? 

•           Some say that retirement isn’t Biblical. What do you think?

•           Is it wise to take out a home line of credit to pay off my mortgage?

•           Is there a benefit to refinancing the last 10 years I have left paying on my mortgage or should I keep my current mortgage terms and pay it off early? Which interest rate situation would be better?


Ask your questions at (800) 525-7000 or email them at Visit our website at where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About Faith & Finance

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio program Faith & Finance heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


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