What to do with your Tax Refund!

How to Spend Your Tax Refund!

How to spend your Tax Refund!

It’s that time of the year again – tax season!  With all of the hard work you put in last year, it’s time to think about treating yourself.  What to do with your Tax Refund?  Here are some ideas to consider:

  • Take a Vacation – A tax return is a really good way to save for a vacation.  You can take that trip you always wanted to take, or couldn’t afford before.
  • Buy a Car – Your tax return would be great to use as a down payment on a new car.  Have you had an eye on a particular car or truck?  Tax day is April 15th, the perfect time to get behind the wheel of a new convertible before the summer months.
  • Housing – Thinking about moving? A tax return would be great to use as a deposit on a new apartment, or saving for a down payment on a home.  The bigger the down payment, the smaller the monthly mortgage payments will be.
  • Education – SAVE FOR COLLEGE!  In many cases, higher education becomes difficult to achieve without acquiring a student loan.  The more you’ve got saved beforehand, the more you’ll save in the long run.
  • Donations – Charitable donations are a good way of using your tax return.  You can use the money to help out a charity that means the most to you.

Remember, a tax refund isn’t guaranteed unless you had enough taxes deducted from your pay throughout the year.  If you had enough deducted to receive a refund, this a great way to save money.  A tax refund is unrealized savings for most people.  If you’re unsure what to do with the tax refund, feel free to park the funds at SourceONE Credit Union in a checking or savings account.  We pay dividends!

 

 

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