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Refund Time: 5 Ways You Can Use Your Tax Refund Today
The IRS reports that over 77% of Americans can expect a tax refund this year, with an average amount of $2873. That’s a lot of money! Instead of spending all your earnings right away, why not be prudent with your money and use it beneficially towards your future you? If you’ve been looking for ideas on how you can use your refund this fiscal year, Options and Traders Network shares 5 great tips to get you started.
- Invest in the Stock Market
Do you know that famous quote about how it’s impossible ‘to outperform the stock market’? Financial experts like Warren Buffet swear by this mantra for a reason – it really pays to invest in the stock market. You’ll have higher returns than bonds, CDs, savings accounts, and many other kinds of investments. And if you don’t have immediate financial need, retaining your stocks in a long-term manner will be an excellent way to accentuate your returns.
- Save It for a Rainy Day
Did you know that most Americans don’t have an emergency fund? That’s right, CNBC reports that the lack of adequate savings can make it difficult for Americans to access funds when they have sudden financial need. A healthy savings account will ensure you’re not vulnerable if you lose your job or are hit with unexpected medical bills. Being in such situations without funds can cause you to overuse credit cards and take out loans at high-interest rates. Instead, putting it in a high-interest savings account is a great way to contribute to your emergency fund while reaping the benefits of your interest premiums!
- Pay Off Outstanding Debts
Stuck in an endless debt cycle? Feel weighed down by ever-accruing home loans and piles of bills? We understand; living with debt can be all-consuming. Using your tax refund towards your debt is an excellent way to reduce the burden and make a dent in your payments. Remember that your refund may not be enough to wipe your balances completely clean, but it is still a worthwhile strategy. Use your refund to pay off credit card debts first, as these often have the highest interest rates.
- Put It Towards School
If you’ve been looking to invest in your future in the business world by going back to school, you have a ready solution with your refund. Going back to school is an excellent way to make a career change or increase the job opportunities coming your way. If you’re looking to achieve your business diploma while working or tending to family responsibilities, opting for an online degree program like one leading to an MBA will be the way to go. Just ensure that your online school is accredited and offers competitive tuition rates! And the most significant benefit of using your refund towards furthering your education? You’re literally investing in yourself!
- Get Better Insurance
An excellent life insurance policy will ensure that you can rest easy through the ups and downs of life. It also ensures that your loved ones are protected and set up at a relatively lost cost. Using your refund towards an improved policy will allow your family to maintain their standard of living, even if something unexpected happens. And the good news is that you’ll still have a little money left after you pay off your premiums!
Tax refund season is the best time of year! Not only are you coming into money you weren’t expecting, but receiving your refund is also an opportunity to set yourself in a better position for the future. Be sure to use one of the ideas above when it comes to your windfall – we promise they are great options to make your money work harder for you.
– Eleanor Wyatt
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I want to point out, I am not a registered investment adviser or broker/dealer. I am a highly profitable options trader who has been successful time after time, and I have changed the lives of many people through the art of trading on the stock market.