Wow! Where has the time gone? The 2017 tax filing deadline is quickly approaching (Tuesday, April 18th) and time to get your taxes done is running out! We hope everyone has had a chance to get those taxes out of the way – or at least has had an opportunity to schedule an appointment with your tax advisor soon.
We want to take a few moments to share some helpful tips on ways you could use your refund money this year – thank you to CU Insight for these helpful ideas. We hope they are able to help our wonderful WFCU Members!
1) Consider paying down some of your credit card debt! This can be one of the best ways to use your tax refund. Using this money to decrease your debt can help alleviate some of that interest you’re paying, which will not only take some weight off of your wallet it can also help boost your credit score!
2) Consider investing in your retirement! Most of us are working very hard to put money away for our retirement, so putting some of your refund money into your 401k or your IRA can definitely help!
3) Consider saving your refund money and creating or adding to your emergency fund! We know saving can be difficult but we strongly encourage putting some money aside to keep as your emergency fund – in addition to the money you are saving for your retirement if possible. You just never know when things could go south and you will want to make sure you can protect yourself from unexpected expenses… say, maybe if your furnace (or air conditioner) decides to kick the bucket (it’s April in Michigan so who knows which one is more important right now…haha!)
4) Consider investing some of your refund money in yourself! Who knows what that means exactly – maybe take a vacation and use the get away time to relax, maybe complete a home improvement project you’ve been wanting to finish up, maybe take a class and learn something new, maybe use it to purchase a new gym membership… the point is, do something that makes you happy!
Thanks for reading WFCU Members! We hope some of these suggestions help provide some ideas on how you can use (or save) your tax refund this year!