Springtime equals tax time. For some of you, that means getting a refund. Your first instinct might be to treat yourself to a new pair of shoes, an extravagant dinner or a spa treatment, but there are savvier ways to reinvest your tax money for a brighter future.
Bulk Up Your Savings Account
Does your savings account need some spring love? Take a good amount of your tax refund and reinvest it. A savings account is important for those unexpected “rainy days” that tend to pop-up in our lives. You could also start building your bank account for a larger purchase down the line, like fulfilling a long-term goal – a vacation, new car, or new house.
Home Renovations
Are there a few things around your house that could use some TLC? Why not reinvest your tax refund into your home? That limitless “to do” list could get a bit shorter if you just focus and tackle the items that you can afford to fix, replace or clean up. If you own, this could help increase the value of your home. Also, if your apartment or home is a little bare, you could shop for household items to spruce up your place. This is a way of treating yourself while also making your place of living much more comfortable.
Invest In Your Future
You may already have children, but even if you don’t it is never too early to start thinking about your future life as a parent. You can use the money to start a college fund or put away money for their future beyond school. This will get you in the mindset of thinking about how you could support your children and also help you start making financial choices with the future in mind. Doing this can help you begin preparing for what’s best for your family.
If you have questions about what you could do with your tax refund, feel free to talk to one of our Member Advisors.
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