Apr 17

Financial Focus: Tips on how to make the most of your tax refund

Date: April 17, 2018 | Category: News

This month’s Financial Focus looks at tax refunds and how to make the most of the money you receive. This information comes to us from the National Foundation for Credit Counseling.
Tax season can be one of the most dreaded times of the year, but many consumers look forward to getting a refund. If you are trying to decide how to spend your refund, here are some tips for getting the most out of your tax refund.

– Start or increase your emergency fund. Experts suggest having six to eight months of income saved up in case of an emergency.
– Pay off or pay on any high interest debt you have.
– Spend it on something you need such as dental work, a new winter coat, repairs on your vehicle, or repairs on your home.
– Donate to charitable causes. Not only will this benefit your community, but it will also make you feel good. The added bonus is that your donation may be tax deductible as well.
– Open a savings account to save towards a major purchase you are planning for the future.
– Refinance your mortgage. When you refinance, you still have to pay closing costs. Use your tax refund to pay those costs and you could save thousands of dollars a year on your mortgage interest.

If you would like more information, call us at 1-800-748-7826.