It's tax time!
Will you be receiving a tax refund this year? If so, it is wise to think about how you will spend the money. Putting it immediately into your checking account is a sure way to lose track of where and what you are spending it on! Instead, devise a smart plan for your refund.
Here are 5 ways to put that money to good use:
1. Fund an emergency stash. In case of the unexpected, it is ideal to have money saved. That way, you can get out of a situation without breaking the bank, or having to turn to a loan.
2. Fund an IRA account. Starting to save for retirement early is one of the best things you can do for your financial future. While it may be difficult to think long-term,
3. Invest in yourself. Whether there is a learning opportunity, a worthwhile conference, or a chance to invest in your own business, use the money to help you grow personally.
4. Invest. Use the money to open a higher-interest earning account at your credit union! There are several options when it comes to high-interest earning accounts, and you can use the money to help grow your savings early.
5. Pay off a high-interest student loan, or high-interest credit card debt. It never hurts to get a head start on paying off your loans, especially when they are high interest.