Here are some smart ways to spend your tax refund this year:
Pay down your 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 use this opportunity to start digging yourself out from under it.
Put it into retirement. If you’re not steadily adding funds to your retirement account (401k, Roth IRA), you’re doing yourself a disservice. Even if you’re young and it doesn’t seem that important right now, you’ll be 65 before you know it.
Need help with retirement planning? 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 up an emergency fund. If you’re doing a good job of saving for retirement, congratulations. But you may get yourself into trouble if that’s all you’re saving. Take this opportunity to use your tax return to create an emergency fund in case things go south (you lose your job, car dies, etc).
*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