ways to use your tax return

27 Feb

5 Money-Smart Ways to Use Your Tax Return This Year

Tax season is wrapping up and refunds are rolling in. What are your plans for your refunds? You could use refunds to splurge on a shopping trip, renovate your kitchen, or to treat yourself to a weekend getaway, of course. But, if you’re weighing your more financially-sound options, here are a few money-smart ways to use your tax return this year!

5 Ways to Use Your Tax Return This Year

  1. Pay toward debt. Consider funneling the chunk of money toward outstanding student loans, credit card debt, car loans or your mortgage. It’s a great way to get an extra step ahead on repayment!
  2. Fund emergency savings. It’s always a good idea to have at least 3-6 months’ worth of expenses saved up in case of emergencies. Consider this a great time to put a big chunk of funds toward that savings account!
  3. Save for a college fund. If you have children or expect to have children in the future, it might be a good option to begin saving for their college fund with a Coverdell Education Savings Account.
  4. Pay toward retirement. Open an IRA and begin funneling funds into your account regularly. With the added boost from your tax refunds, you’ll be well on your way to a financially secure future.
  5. Invest in yourself. Have a business idea or want to take your career to the next level? Invest in your future by funding your small business venture or pursuing an advanced degree!

Have questions about opening up a college fund, savings account or retirement account? We’re here to help! Give us a call at (270) 443-5261 or stop by a local branch today!