Once that calendar page turns to a New Year, many Americans look forward to that payback known as the tax refund. While it may be tempting to take it to the nearest casino and place it all on red, there are more efficient ways to bolster that refund money.
What are some financially wise choices for the not-so-sudden windfall?
Sock it away into accessible savings. Put it into a savings account and earn some interest while preparing for a rainy day or save for end of year holiday expenses.
Invest it. Whether you’re preparing for a child or grandchild’s college expenses or your own retirement, Vantage Investment Services Group * offers members an independent, holistic approach to financial planning and investment needs.
Pay down high-interest credit card debt. Vantage offers several credit card options that could be an alternative to store credit cards, and some even offer reward points that can be turned into cash.
Protect your family. Purchase a life insurance policy with the refund, or even purchase insurance that would help cover expenses of extended home care, assisted living or nursing home care. Through Credit Union Insurance Agency (CUIA), ** members have access to a number of options to keep your family covered.
Invest in your home. In 2018, Americans who received tax refunds received an average of nearly $3,000. † With that amount you could change the flooring in a room, or even replace an outdated tub. Have an even bigger remodel in mind? Talk with a Vantage financial coach about using the refund to bolster the amount you could borrow against your home’s equity for an even bigger remodel.
There are a number of things you could do with your tax refund if you’re getting one. If you don’t have a plan in mind or need some guidance, Vantage is here to help. Our financial coaches are available to discuss your options and help you determine what’s best for your individual situation.
Don’t forget, you have until April 15, 2019 to file! Vantage Credit Union members can get up to $15 off TurboTax federal products.
* Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA / SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Vantage Credit Union and Vantage Investment Services Group are not registered broker/dealers nor affiliated with LPL Financial.
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** The Credit Union Insurance Agency, LLC is a wholly owned subsidiary of Members Resource LLC, a Credit Union Service Organization.