If you’re one of the many that receive a tax refund, here are simple ways you can spend it that can help your overall financial picture.
Here’s a highlight of the five smart ways to spend your tax refund:
1. Pay off your credit cards. This is an easy opportunity to cut down credit card debt and spare the woes of compound interest.
2. Pay off some of your student loan. If you have one, paying off a portion of your student loan will put you in a better position for this year.
3. Create an emergency fund. Was the recent bill from your auto mechanic higher than expected? Worried about the weddings you have to attend this summer? If you don’t have any savings but are debt-free, use this as a golden opportunity to start one.
4. Make An IRA Contribution. Were you a late bloomer in the retirement account game? Are you behind on contributions? Do you have an IRA? Use this refund as a chance to open a retirement account and make a contribution.
5. Reinvest your refund back into your business. Perhaps invest into hiring new personnel or a business coach. Investing in personnel is a necessary expense for any small business that wants to ensure its long-term growth.
Was this list not useful because you haven’t filed yet? What are you waiting for? We can help. Contact us today.
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