Don’t Blow Your Tax Refund (Do This Instead)

Will there be a sweet tax refund check coming your way? Even though you may be excited about this lump sum of cash hitting your bank accounts, consider your options before going on a shopping spree. If you use this money to your advantage, you could improve your finances for long-term benefits. Here are some smart ways to spend your tax refund:

Debt Busting

How about making an extra payment on one of your credit cards? You could save money on interest by putting extra toward the credit card that has the highest interest rate. If you pay extra on your credit card that has the lowest balance, you can reduce or eliminate your future monthly bills for that card.

Home Improvement

If you’re a homeowner, is there something needing repair or replacement in your home? Investing your refund into your home might increase the resale value of your home, and will certainly make it more comfortable to live in.

Appliance Upgrades

Do you have older appliances in your home? Consider replacing your older dishwasher, washing machine, refrigerator, etc. before they break down. Newer models are much more energy efficient and will save you money on electricity and water in the long run. Some upgraded appliances may also increase the resale value of your home!

Self Improvement

What about YOU? Is there something you’ve been wanting to learn that could help you personally or professionally? You could use your refund to purchase a course, online seminar, or books that could help. Maybe you’d like to work with a personal, business, or career coach to help you reach your goals.

Save for Later

As much fun as it might be to spend your refund…consider putting it into a savings account or certificate.  You can earn interest and save up for unexpected emergency expenses in the future or something fun like a family vacation! Learn more about our deposit rates here.