Home > Agency Blog > 5 Great Ways to Spend Your Tax Refund and Improve Your Financial Health
5 Great Ways to Spend Your Tax Refund and Improve Your Financial Health
Nearly three-fourths of all 2012 individual tax returns will generate a refund with an average amount of $2894. So what will you do with that refund check? While it’s tempting to spend that money on some of your wish list items, take a moment to learn how you can improve your financial health with some or all of that refund.
Pay down debts. Put that refund to work by paying off or paying down debt. Begin with the debt carrying the highest interest rate.
Add to your retirement account. Invest in your future by investing in your retirement. Allen & Furr can show you ways to fund your tax-sheltered account.
Invest in your kids’ education. The gift of a college education can open the door to a world of opportunity for your child. Allen & Furr can set up a tax-advantaged investment plan to help your child achieve his or her dreams.
Create an emergency fund. Experts say you need at least six to eight months worth of savings in an easily-accessible interest-bearing account to cushion you in times of financial emergency.
Invest in something you need. If an appliance or other major purchase is on the horizon, it makes sense to pay cash while you have it rather than accumulating interest by paying over time.
The experts at Allen & Furr can help you make smart decisions with your money. Let us help you achieve your objectives and realize your financial dreams.