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How to Save or Spend Your Tax Refund

Ideas on how to put your tax refund to use.

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Saving or Spending Your Tax Refund Wisely

After all the filing, paperwork and long wait is over it finally happens…your tax refund arrives! The first question you are probably going to ask yourself is what should I do with it? Shopping spree or do the responsible thing? Well, lucky for you the Credit Union has come up with a few ideas for you to consider before your put your tax refund into a new wardrobe.

  • Invest in certificates
  • Boost your retirement fund
  • Pay more on your student loans 
  • Pay down/off credit card debt
  • Increase your savings account
  • Refinance your home
  • Paint your home
  • Give to others
  • Pay your car loan
  • Save for an important financial goal
  • Pre-pay your vacation
  • Purchase stock
  • Pay your home mortgage 
  • Update your cellphone (ditch the flip phone)
  • Add to your Rainy Day Savings Account
  • Open an IRA
  • Update home appliances
  • Buy a bike (save money and get great exercise)
  • Pay down/off loans
  • Add to your 529 Plan or other college saving plans
  • Jump start estimated payments 
  • Upgrade your car tires
  • Take a career advancing class
  • Make your home “green”
  • Invest in your health (purchase new cookware, take a martial arts class) 
  • Splurge…a little

When considering how to spend or save your tax refund always consider planning and budgeting. If you need further assistance or help when considering what to do with your finances you can always speak to one of the Credit Union’s Financial Advisors.