Question Description
Since the major portion of Pam’s income is based on commission, her earnings vary from one month to the next. This situation makes it difficult for her to establish a realistic budget. During lean months, she has had to resort to using her credit card to make ends meet. In fact, her credit card debt, $3,470, is at a fairly high level. In addition, she has not been able to save much for various unexpected expenses and for her long-term financial security.
Life Situation
Single Age 22, Starting a career, No dependents
Financial Data
Monthly income$2,600
Living expenses$2,180
Assets$8,200
Liabilities$3,470
Emergency fund$530
During the year, Pam has had tax withholding greater than her actual tax liability. As a result, Pam is expecting a fairly large tax refund. In the past, she has always used tax refunds to finance major purchases (a vacation or furniture) or pay off credit card debt. Currently, she is also considering saving some of the money.
Question: Assume Pam's federal tax refund is $1,100. Given her current situation, what should she do with the refund?
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