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Powerful Tax Refund Moves to Consider

Powerful Tax Refund Moves to Consider

January 18, 2024

If you're getting a tax refund, it could feel like a pay day and open invitation to head out on a shopping spree. We'd like you to consider a more prudent approach by using your newfound wealth in a more strategic manner.

Fund your retirement account

Having money grow passively in the background for whenever you need it is probably a good idea. Though all investments come with risk when you start as early as possible and with whatever money you can, you'll have more time on your side to potentially grow your portfolio.

Build up your emergency fund

Gain confidence in knowing that, should the unexpected happen, you have some cash stashed to cover the costs. Even a little bit helps and is better than nothing at all. If you don't have any savings set aside for emergencies, consider starting with your tax refund.

Buy something you need

We often put off paying for the things we need, such as auto repairs or medical procedures that could make our lives much more enjoyable. Think of items you use every day (cell phones and computers) and make the choice to upgrade for better circumstances.

Invest in yourself

Whether you want to brush up on your professional knowledge or learn a new language, your tax return could help you invest in yourself. Consider using a portion of it to further your knowledge and skills this year.