Congratulations! You’ve made it through tax season and you’ve received a return. Before you head out on a shopping spree, or get in line for the newest tech item, let’s look at a few ways that you can make the most of your tax return in terms of your overall financial health. Extra cash can be good to use as disposable income, but assessing where additional money can be put to help improve your overall financial goals is an added bonus!!
5 Things to Put Your Tax Return Toward
1. Making an additional payment on your student loans. Just one extra payment can help you decrease overall interest you’ll pay in the long run.
2. Making an additional payment on a mortgage. Same as above, making an additional payment can help curve some of the long-standing interest you’ll owe in the years to come.
3. Pay off credit card debt. Is there a card or account that has needed to be paid off for quite some time? Now is the perfect time to get rid of that debt!
4. Put your return in your emergency savings. It might not seem glamorous and fun, but putting your return into your savings can help you have extra cash when you need it most.
5. Invest part of your return. Whether it’s stock or a retirement fund, investing small amounts of money now can help you gain a large return further down the road.