Tax season is here. If you’re expecting a refund check, consider some of these ideas designed to help you make the most of your return.
Pay High Interest Loans and Lines Of Credit
Use your tax refund to pay more than the minimum payment to reduce the amount of extra money you’ll spend on accumulating interest. Contributing money to your minimum payment is always a good idea because the longer you take to pay the balance off, the more interest adds up.
Build Your Savings Account
Put your money into a dividend-earning account like the eXtras Student Savings account and let your money work for you. Whether it’s your tax refund, birthday cash or an employee bonus, having that extra cash earn interest will build your balance. Plus, the longer that money sits untouched in your account, the more interest you’ll earn.
Grow Your Emergency Fund
You never know when a crisis may occur. Having money set aside for unexpected expenses like auto repairs, medical expenses/emergencies or temporary unemployment makes these events a little less stressful.
No matter what you choose, plan ahead and use your tax refund wisely.
What are your tax return saving or spending plans?