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Tax returns can be a temptation to splurge the extra cash on unnecessary things. ACCC provides seven tips to help consumers make the most of their tax refund.
- Invest in Retirement – The sooner you invest in retirement, the more time the money has to add up. Your tax return can provide a healthy boost towards a successful retirement.
- College Savings Plan – College tuition increases each year. To better cover costs, it’s important to invest early.
- Emergency Fund – Consider putting your tax return towards an emergency fund. Your fund should cover six months’ worth of expenses in the event of a crisis.
- Invest in Your Career – Spending extra money on your education can help advance your career and earnings.
- Pay Off Debt – Use your tax refund towards outstanding debt or loans. Using your tax return to pay off debt can save you money in interest.
- Contribute to Your Mortgage – An extra mortgage payment can lower the end cost by reducing interest owed.
- Invest in the Stock Market – The ROI for the stock market can be greater than your own savings account. Do some research and invest your tax refund wisely.