SAN ANTONIO – For many, tax returns are the biggest financial boost people look forward to each year.
But with the current economy, many are choosing to play it safe with those returns.
Michelle Herrera said in years past she would have considered splurging on her returns, but not anymore.
“We probably would have thrown in a vacation or something fun, but given the times right now, I think everybody’s trying to go the safe route, so saving is probably the best option,” she said.
Josh Garcia said it’s tempting to spend when receiving the check, but people should hold back.
“Nowadays, you got to save your money and watch your expenses,” he said.
Dawn Wood learned the importance of financial planning when her husband of 28 years died unexpectedly in 2021. He handled all the finances, accounting and bills, she said.
“I couldn’t figure out, you know, like I needed a budget, I needed to know how to pay my bills,” she said. “It’s easy to let [your spouse] just handle it … They just took care of it, and after 28 years of marriage, it just kind of stayed that way.”
Wood said she was in an emotional state and couldn’t think clearly about finances. Now, she encourages couples and families to talk about finances before any emergency and to not be embarrassed to ask for help.
“It took me a few months, because I felt like I should know how to do this, I’m a grown woman … I did, I just wasn’t at the point where I could think rationally either,” Wood said.
With the San Antonio Financial Empowerment Center, San Antonio and Bexar County residents can get free financial help with their debt management, credit repair, budgeting and protection against fraud.
Financial Empowerment Center program manager Krystal Bermea said the program is free to those 18 years or older, and there’s no income limitations.
“We have some people that are coming in that are just like, ‘I don’t know what I’m doing, I have a lot of debt.”’ she said. “Maybe, ‘Hey, I want to start saving up for a house,’ or ‘Hey, we are pregnant now and we’re trying to figure out what can we do to save for that future.‘”
Bermea said people from all walks of life have a need for guidance. To make an appointment, call 210-206-5372.
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