Here are some smart ways to spend your money once you get that tax return this year.
Pay down credit card debt. This may be the smartest choice when deciding what to do with your refund. Decreasing your debt helps alleviate the interest you’re paying, which will be a huge weight off your wallet and credit score. Debt can feel like a mountain, so take the opportunity to dig yourself out from under it.
Put it into retirement. Your retirement account (401k, Roth IRA) can sometimes be neglected if you’re not steadily adding funds, so use your refund as a chance to jump start your contributions for 2017. It may not seem super important now, but you’ll be retirement age before you know it.
Questions about retirement savings or investments? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1500, or stop in to see us!*
Build that emergency fund. Even if you’re doing a good job of saving for retirement, that may be all you’re saving. If this is you, use your tax return to create an emergency fund in case things go south. It’s never a bad idea to be prepared!
Invest in yourself. This could have a lot of different meanings. Exercise is good for your body and taking a trip can be a good way to unwind and refresh your mind. If these sound like good ideas, join a gym or book a flight. Have a favorite charity? Give some of that money away. Helping others can be good for the soul too.
*Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Article Source: John Pettit for CUInsight.com