Create an Emergency Savings Account
If you’re one of the 44% of Americans that wouldn’t be able to cover a $400 emergency expense
out of pocket, it would be wise to save your tax refund money and put it all into an emergency savings account. If you get into a tricky situation, this would be able to help you out of it without any extra burden.
Investing could be a great way to spend your tax refund. Whether you’re choosing to invest in shares or certificates
or choose to invest in yourself to become more marketable, investing the money could only be helpful.
Pay off debt
If you have debt that has been accumulating (i.e. credit card debt!) focus on paying this off. By putting your tax refund towards this debt, you can start getting yourself in a better place financially. As credit card debt tends to accumulate quickly, it would be a great idea to pay this first.
Start Saving for The Long Term
Would you like to own a home one day? Or perhaps you’d like to save for retirement? Whatever it is that you’d like to do, start putting money towards it. With a high-interest savings account (check out Kasasa Saver
!) you can start saving for your long-term goals.
Make Home Improvements
Saving or paying off debt isn’t the only thing that you could be doing. Use that money to finally fix the broken burner on your stove, or to take down some dead trees in your lawn. Whatever needs to be fixed around your house that you’ve been putting off, now is the perfect time to make home improvements with that money.
Regardless of what you decide to do with the money from your tax return, the best and the fastest way to get your refund is through using direct deposit
. Learn more information about how to fast track your tax refund by clicking here
When your tax refund comes in, it can be tempting to want to spend the money right away on fun things. While that might be your first instinct, it’s important to think about the other ways you can spend your tax refund money that might be more beneficial for you later on. Here are five things you can do with your tax refund: