Save or Spend: Ways to Put Your Tax Return to Good Use

Life can get busy. Between work, car-pooling, grocery shopping, making dinner, and running the kids to activities, filing taxes can get put on the back burner. However, there's still time to get this task done. Expecting a refund? There are several ways you can spend or save your refund that will help you in the long run.

Home Upgrades

Spring is in full swing, and now is the perfect time to consider making some home improvements. Or perhaps you are considering selling your home in the near future. Use those additional funds to tidy your landscaping, paint your walls, or hire a decorator to stage your home.

Debt

Your tax refund can help you combat lingering debt. If you have a credit card you have been making minimum payments on, use your return to tackle the balance. Pay off your credit cards quicker, and free up your money for life's more important things.

Savings

Most financial planners agree that having three months of living expenses saved is best in the case of an emergency, such as being ill or getting laid off. If you haven't met that goal, using your return money to build up your savings is a great option. You can also use our handy monthly savings accumulation calculator to see how your savings can grow through your increased contribution.

Education

If you are in an industry where continuing your education is expected, saving your return to fund additional schooling is a smart idea. This money can also be used to help pay for books or other materials required for courses.

Retirement Planning

Adding another chunk to your retirement fund is never a bad idea. Your refund can be used to contribute to the funds you want available to enjoy retirement years to the fullest.