How Should You Use Your Tax Refund?
Wednesday, March 29 CCCU
If you are receiving a tax refund this year, have you thought about what you want to do with your money? Here are some ways you can use your tax refund to improve your financial wellness:
- Start or increase your emergency fund - It is advised that you should have 6 months’ worth of expenses saved in case of a financial emergency.
- Pay off high-interest debt - By paying off a chunk of your principal loan, you could save yourself on a lot of interest!
- Spend it on something you need.
- Start itemized savings account.
- Refinance your mortgage or make home improvements.
- Invest in a tax-sheltered account.
- Invest in a taxable account.
- Donate to charitable causes.
- Get a new business up and running.