5 RESPONSIBLE WAYS TO SPEND YOUR TAX REFUND

It’s tax refund season and here are some of the best uses for your refund:

  • Start or Increase a Savings Emergency Fund - Without an emergency fund, one surprise major expense could send you into a debt spiral toward disaster. Use the refund to save for a rainy day.
  • Pay off High-Interest Debt – After you establish that emergency fund, use a portion of your tax refund to reduce or eliminate high-interest credit cards or loans that you’ve been carrying.
  • Spend it on something you need – not on something you want. Have you been putting off car repairs or dental work – take care of these essentials before they become a costly emergency
  • Start Savings for specific categories like Retirement, Christmas Shopping, Vacation, or College.
  • Use it toward a down payment on a business loan. If you’ve always dreamed of starting your own business or investing in a business, use your refund to jump-start making that dream a reality.

Whether it is a large sum or a small amount in your refund, treat it as if it is “found money” and make it work hard for you in order to better your financial position.