Tax Refund Spending 101

Have you already been making plans on how to use your tax refund? Before you spend the money the IRS just deposited in your account, consider some ways you could put your refund to good use.

Be Money Wise This Tax Season

You aren’t alone. We wait all year for our tax refund to spend on our “wants.” But what if this year, you tried something different? Rather than spending it on materialistic items, try using the money toward the future, such as:

Your Emergency Fund

How much do you have currently in your emergency fund? $100? $1000? $0? You may have avoided accidents in the past, but things happen. It’s important to save up for a rainy day. Consider placing some of your tax refund into your savings in case an emergency occurs.

Paying Off Debts

Feeling the weight of debt on your shoulders? Doesn’t it make sense to ease some of that weight by paying down your debt with your tax refund? Determine which of your debts has the highest interest rate, and put a large portion of your refund toward that debt.

Are you considering starting an emergency savings account with your tax refund? Contact us today to learn how we can help you establish a savings account!