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Question for the Money Doctors

Question submitted on Feb 12, 2021.

Question

I would like to know that use my tax return rebate to pay off my mortgage or use it as emergency fund for future use. I’m paying mortgage rate at 2.875% and I owned about around 13K for 15 year.

Answer

It is completely up to you on what to do with your rebate.   Nothing wrong with building your emergency savings fund.   Let's build this up to at least 6 months of living expenses before you consider making extra payments on your debt.   Please stay current on your debt.


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