Saving Money Is In! Use Your Refund Wisely

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Saving money is in. Spending it like you’re not financially literate is out. If you get a tax refund this year and have outstanding debt, any kind of debt, the best use of that money is to pay the debt down or off. Here are some additional ways to use your refund:

  1. Invest in Your Retirement: Consider contributing at least 5 percent of your income to your Thrift Savings Plan, a traditional 401(k), or individual retirement account. Additionally, you should check to see if your employer provides 401 (k) matching for these kinds of accounts.
  2. Get Schooled: Submit you tax refund towards educational funds, whether it be a 529 Savings Plan for your kids’ education, or tuition for yourself.
  3. Save It: If you don’t have a savings account, now would be a great time to start one. Use your tax refund to build a small cushion, and supplement your savings on a monthly basis.
  4. Get Insurance: The recent uptick in natural disasters is a reminder, that it’s wise to get additional insurance for your home. For example, if you have homeowners insurance and no flood insurance, you put yourself at risk for financial ruin if your home is hit in a downpour. Use your refund towards the purchase of a policy that will keep you covered.

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Saving Money Is In! Use Your Refund Wisely