Wednesday, February 13, 2013

Tax Refunds: How Will You Use them to Your Advantage?

Is your Tax Refund helping you become financially fit? IT CAN! Below are just a few of the many ways you can use your Tax Refund wisely to take steps toward financial fitness...

1. Pay off Debt & Bills
If you have overdue bills or loans, use your tax refund to pay them.  Once your debt is gone you'll feel much better!

2. Open a savings account
Not only will you have a safe place to save money, you'll be creating saving habits and establishing good financial history.

3. Buy a savings bond
Savings bonds can help you to save for emergencies or bigger purchases. You can also buy bonds in someone's name as a gift.

4. Create an emergency fund
Aim to save the amount of money that would pay expenses for 1-3 months in an emergency fund.  You never know when you'll need it!

5. Save for Education and/or Retirement
Save now so you, your child, or grandchild can spend less on a valuable education.  Also, it's never too early to save for retirement!

Although it can be difficult when you get that refund, think about how you can use it to help alleviate any other financial pressures.  It may not seem like the most fun way to spend it in the moment, but you'll more than likely thank yourself later.

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