If you're lucky and the math works out just right, you may end up getting money back from Uncle Sam at tax time. So why not start planning now? Deciding on the best ways to put your windfall to work will make it easier to make sure your money goes where you want it to. Here are just a few ideas:
- Save it! At SpoFed CU, you can create sub-savings accounts and name them whatever you like.
- Set up accounts for emergencies, home improvements, holidays, vacations - whatever you want to save for. Set up a college fund for your kids or grandchildren. Talk with LPL's financial advisor, Jonna Damiano, about how to get started.
- Pay down your current debt. You can use your tax refund to pay off high interest credit cards and other debt. Start with the highest interest rates first and work down.
- Save for retirement. Set up an IRA or make additional contributions to your existing retirement accounts. Jonna can provide all the help you need to get started.
Last but not least, sometimes it's nice to just do something fun with your money. Plan a family vacation, buy a new boat - whatever makes you happy!