It’s that time of year again. You work hard all year and pay your taxes, and then you sweat out the process of getting all the paperwork done on time, but then comes the payoff. The refund check. Instead of spending it on just any old thing here are four smart ways to spend tax refund cash this year.
Start an emergency fund.
Why is it that important household necessities like the refrigerator or the furnace seem to break down at the worst times? Or that unexpected medical expenses never come at the right time either? This is why it’s important to have an emergency fund. You could use this year’s tax refund to finally start one.
Add to your children’s college fund.
One day they can barely climb the school bus steps to head off to their first day of kindergarten, and the next day they’re filling out college applications. Where does the time go? This year’s tax refund is a great way to continue to grow the college fund and prepare for your children’s future.
Fund an IRA.
Much like your children growing up before your eyes, the time when you want to retire will also be here faster than you anticipated. If you contribute your tax refund to an IRA (or similar investment fund), the money can grow tax-free until you withdraw it during your retirement.
Invest in a reliable used vehicle.
Has your car seen better days? Does it cost you more and more just to keep it running? Consider investing your tax refund in a vehicle through Auto Action where down payments are determined by your unique situation, and your stability factors like job, credit, and residency. Rather than having to constantly repair your current and problematic vehicle invest in a reliable car that will cost you less in the long run.Ā If youāre interested in learning about what Auto Action offers the greater Phoenix area,Ā contactĀ one of our expert used car dealers in Arizona today orĀ apply nowĀ to see if you qualify for financing.