Maximize Your Tax Refund
Most tax refunds are a welcome surprise, providing you with a lump sum of funds that you may not have been expecting. While it may be tempting to spend the money on unnecessary or frivolous purchases, it’s important to make wise financial decisions to get the most out of your tax refund dollars. Here are some ideas on how to spend your refund that will also support your overall financial well-being.
1. Create or boost your emergency fund
An emergency fund is a financial buffer for unexpected expenses, offering quick access to money for unforeseen challenges, like medical bills or car repairs.
2. Put your money into a CD
A Certificate of Deposit (CD) lets you lock in a fixed amount for a set time, earning higher interest than regular savings. It’s a low-risk way to grow your money.
3. Save for a home down payment
Saving for a home down payment means putting aside money to make buying a house more affordable by reducing the mortgage amount.
4. Save your money with a interest bearing savings account
A savings account provides a secure way to store money while earning interest. It’s ideal for short-term goals and maintaining financial stability.
5. Open an investment account
Opening an investment account puts your money into different assets to potentially grow wealth over time*.
*Securities and Insurance Products: • Not insured by the FDIC • Not insured by the Federal Government
Investment Services: • No Financial Institution Guarantee • Subject to Risk • May Lose Value • Not a Deposit
