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Best Ways to Use Your Tax Refund

Provided by the Bank of Walterboro

Tax Season is in full effect. Whether you’ve already filed your taxes or you’re waiting until the last minute, chances are you’ve already thought about what you’d like to spend your refund on. Here are the best ways to use your tax refund this year.
Pay Off Debt
Perhaps you have a credit card that has been collecting high interest because you just can’t pay more than the minimum payment. Use a chunk of your refund to cut down your credit debt. Pay off your student loans quicker with your refund.
Save It
Saving money can be difficult, especially when you have a constant flow of bills and unexpected costs. Take advantage of the opportunity to grow your savings this year by using your tax refund. Your savings will come in handy the next time your car needs to be repaired or when you need a much needed break from life.
College Education Savings
There’s no deny that a college education can be pricey. Get a head start on tackling tuition by putting your tax refund in an education fund. Although your refund won’t help cover all the costs of a higher education, it will help alleviate the costs for books, room and board, or even give your child the opportunity to study abroad.
Treat Yourself
Been eyeing a new couch that would fit perfectly in your living room? Perhaps the travel bug has been biting you but you haven’t had the funds to feed it. Use your tax refund to prepay your next vacation or vamp up your living space.
Invest
If you’ve ever thought about investing but didn’t know where to start, your tax refund could be the perfect catapult to building investments. You can dip your toes in the investment pond with a portion of your refund.
Donate It
Feeling charitable? Donate a portion of your tax refund to a charity that speaks to your heart. There are numerous local charities that would appreciate your donation. Not only will you be participating in an act of kindness, but you can also use it towards next year’s tax deductions.
There’s no one way to spend your refund and the decision is ultimately yours. However you decide to utilize this year’s tax refund, use it wisely. Keep these tips in mind for this year and years to come. Happy saving or happy spending!

Special to The Colletonian (1846 Posts)