What to Do with Your Tax Refund

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What to Do with Your Tax Refund

Are you getting some money back from Uncle Sam this year? We have some wise ways you can spend that extra cash. Whether you are ready for it or not, tax season is upon us! While this time of year makes most of us want to let out a groan, there is a bright side to remember: you may be getting a refund. You may want to start looking at making some kind of big purchase with the money, you need to step back and look at the big picture. Getting a tax refund is an opportunity to better your financial situation and make wise decisions. If you just waste the money that you get back, what was the point in getting it back in the first place? If you’re fortunate enough to receive a tax refund this year, consider putting it towards one of these suggestions from Alpine Bank. These will benefit your family and start you on a good financial path for the rest of the year. Make home improvements- Whether it is a minor do-it-yourself fix or a major project, keeping your home updated will increase its value and also prevent future problems from occurring. This will mean more cash for you if or when you decide to put your home on the market. Make extra payments- Making extra payments on your mortgage, credit card debt or loans may not be fun, but it will save you money in the form of less interest down the road. Plus, you will have all of your debts paid off sooner! Put it away for your kids’ college education- College tuition is always rising and this trend doesn’t look like it will be stopping anytime soon. Consider setting aside some extra money into an education savings account. Contribute to your retirement fund- If you are looking towards long-term goals, contributing to your retirement account is a good way to ensure that you feel secure when you are done working. Build your emergency fund- Your emergency fund should have at least three months’ worth of living expenses saved up in it. If you have had to dip into your emergency fund lately, this is the time to start rebuilding it. Which of these ideas do you think would benefit you most?  If you are looking for some advice about saving now or later down the road, contact Alpine Bank. We would love to talk it over with you!

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