What to Do with Your Tax Refund

  • March 30, 2015

We are less than a month away from the deadline for filing your taxes. Got a tax refund coming your way? Here are some smart ways to put that money to good use:
 
Student Loans – Put a percentage of your refund towards student loans. Especially if they have been holding you back financially, paying down a portion of the principal could really benefit you. Be sure the check any early payoff penalties before doing so.
 
Credit Card Debt – Have you been struggling with paying off a credit card balance? Use your tax refund to help pay down or off the amount. Doing so can help increase your credit score and open up doors to more possibilities.
 
Savings Account – Open a savings account or add to an existing one. Watch your refund grow with interest.
 
Take a Class – Have you been putting off taking a class to either further your education, begin a hobby, or advance your career? Now is the time to jump in and enroll! Use the extra money to cover the cost of class fees and books.
 
Go on Vacation – If you have not had the opportunity to get out of town for a couple of days, now may be the time. Use the money to book a flight or fill up the tank with gas to enjoy a couple days of relaxation or exploring.
 
There are many ways you can use your tax refund. Just keep in mind that using it to get further in debt is not usually the most financially responsible decision. Take into consideration the advice above and put that refund to work for you!

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