Better East Texas: What will you do with your extra money follow - KLTV.com - Tyler, Longview, Jacksonville |ETX News

Better East Texas: What will you do with your extra money following tax reform bill?

(KLTV) -

Most Americans are getting a pay raise.  Thanks to the tax reform bill that was recently passed, lower federal taxes are showing up on paycheck stubs starting this month. 

Hopefully you operate under a budget and, if you are one of the recipients of the lower federal tax, your budget should feel like it has a little more breathing room.  But the question, now becomes, what do you do with the added money?

A load of experts that were in favor of the bill suggested that Americans can go out to eat more frequently, take a vacation, get into a newer car – all suggesting that we spend the additional money. There are a few experts that suggested we keep it for a rainy day, but those sound bites rarely make it because they are not as glamorous as suggesting we spend the money. 

But regular surveys show that Americans don’t exercise discipline when it comes to saving money.  One survey found that fifty-seven percent of American households have less than $1,000 saved and thirty-nine percent have nothing saved at all.  This is playing with personal financial fire. 

Now, you can’t be prepared for every financial emergency, but we should be prepared for most.  And, with the additional money in our pocket from the tax reform plan, we should plan to save all or at least some of the added take home money.  This was unexpected, and while it will take some discipline, it is the personally responsible thing to do, and that will make for a Better East Texas.

Copyright 2018 KLTV. All rights reserved.

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