Many of you may be expecting a refund on your tax return this year. What are you planning on doing with the money? While some will use it to take a vacation or splurge on an expensive purchase, there are a few more conservative ways you can put your tax refund to work for you & see long-term results:
- Pay down your debt: In order to do this in the most efficient manner, I suggest the Stack Method, paying off your highest-interest loan first.
- Increase your emergency fund: Do you have enough socked away in case something catastrophic was to happen? I suggest a 6-month cushion!
- Invest more into retirement: Do you have the ability to increase your retirement savings? While some accounts have maximum contributions, we can discuss the best way for you to get some impact on your retirement from this year’s refund.
- Be proactive: Consider putting more toward your mortgage, car loans, or student loans to pay them down more quickly.
I encourage you to check out my blog for more details on how you can appropriately accomplish several of these goals!