Sometime between now and January 31 your tax forms will be available, as you need them to get your tax return. It’s a great feeling to get that money back, and you might already have plans for it, just make sure they’re smart financial decisions. Here are 4 ways to spend your return.
It’s difficult to focus on long term financial goals when you have credit card debt. Use your return to pay off most or all of it, if you can. The less debt you have the less in monthly payments you’ll have to make. You can now put the money you were using to pay off those credit card bills towards something more important.
Start a Fun Fund
Taking care of yourself and your family is important. Using your tax return to start a “fun fund” will allow you to save up for things like family trips, holiday presents, dinners, or family projects. Create the ability to give your family and yourself some much needed enjoyment without any financial stress.
Education is expensive, and whether your children go to college or a trade school, there is going to be a tuition. Start saving now and use your tax return to get a jump start on those costs. The more you save the less you or your children will have to take out in loans later, avoiding years of payments.
Depending on how much you receive from your tax refund, you could work on some home improvements. This is a great way to invest your money, especially if you plan on selling your home at some point. Completing smaller home projects now could save you time and effort with larger tasks later this year.
If you’re looking for another way to use your tax return, SeaComm can help! Consider growing your money with a Share Certificate, which enables you to invest the funds for a fixed period of time with a better rate. Click here to learn about how you can increase your rate using our Enhanced Loyalty Rewards Program!