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What To Do with This Year’s Tax Refund2/28/2018

If you’re getting a tax refund this year, it’s time to think about what you’re going to do with that extra change. Here are some ideas:

  • Add to your emergency fund. It never hurts to have a little extra tucked away for a rainy day. Put that money aside for when it’s really needed.
  • Put it in a retirement account. If you haven’t maximized your contributions this year, your retirement fund is a great place to stash your tax refund. Saving for your future is never a bad idea.
  • Pay down debt. Need we say more?
  • Use it for a down payment. If your return is sizeable enough, you may be able to use it as a down payment on a vehicle or property.
  • Home improvements. Get new windows, update to energy-saving appliances, or finally get that bathroom renovated. There’s usually something on the “home improvement” list!
  • Invest in yourself. Put your tax return toward continued education, career training or other personal improvement. Sometimes it’s nice to do something nice for yourself.
  • Pay it forward. Turn your refund into a charitable contribution. Pick a cause you believe in and donate. (This can be deductible on next year’s federal tax return, if you itemize deductions.)

The possibilities are endless. Which will you choose?

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