What to Do With Your Tax Refund

woman with jar of money

If you’re one of the fortunate people getting a tax refund this year, how do you plan to use that money? Here are five ideas to consider:

Pay down debt

A great way to spend your refund is to pay down any debt you may have. Paying down debt helps curb compounding interest, can reduce monthly payments, and can help you eliminate a debt account faster.

Save money

There is never a bad time to start an emergency savings fund in a Cadence savings account. No matter how you invest your money, you’ll enjoy peace of mind knowing you have cash available if you need it. If you have young ones in your life, you can also teach them to save with a Young Savers account!

Make home upgrades

Depending on the amount of money you get back, you may be able to use it for making simple upgrades to your home. Maybe you’ve wanted to add crown molding or modernize your front lawn’s landscaping to update your home’s curb appeal. Home improvements not only make your space more enjoyable, but they could also give you a return on your investment.

Take a vacation

Don’t underestimate the value of self-care. Is it time to have some fun and take a vacation? Take a trip somewhere you’ve always wanted to go or visit family or friends you haven’t seen in a while. All work and no play is no way to live. Enjoying leisure time with people you care about can help build bonding experiences and strengthen relationships.

Whatever you decide to do with your tax refund, make sure it works for you. Learn more about savings accounts.

The material and information on this page is for general information purposes only. You should not rely upon the material or information on this page as a basis for making any financial, business, legal or any other decisions.

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