All Financial Education

8 Smart Tax Refund Ideas

February 3, 2018

Couple at computer doing taxes

It is tax season! Maybe you filed your taxes with your own financial adviser or used a member discount with TurboTax. Either way, once your taxes are filed, you may get a tax refund.

What are some smart things you can do with your tax refund?

1.   Start an emergency fund.

2.  Make an extra mortgage payment to pay down the principal. Just one extra mortgage payment per year can save a lot of money and take years off a 30-year mortgage.

3.  Make an extra auto loan payment – before long, your vehicle can be all yours!

4.  If you are looking to take out a new home loan or auto loan, you can save for a down payment.

5.  Pay off credit cards, paying the highest interest card first. You could even consolidate credit with a new visa with lower rates.

6.  Open a CD or IRA.

7.  Set up a Health Savings account.

8.  Save for a vacation or Christmas – it will be here before you know it!

You can create separate savings accounts on eBranch or visit one of our branches to set up a savvy solution for your tax refund.