The Kitchen Table

What To Do With Your Tax Refund

By: Megan Oberst

 

From four-leaf clovers to leprechauns, March is green in every way. More importantly, it’s green in our favorite kind of way: money. Tax season is upon us and many of you have already, or are about to receive, a nice tax refund from Uncle Sam. But what to do with it? Let’s discuss.

1. Save it. Just Save it.

A shocker, we know. But putting money aside for when you need it is still one of the easiest ways to improve your financial security. Adding this extra bit to your pot o’ gold may drastically help you during an emergency or other unforeseen crisis. (pssst…like a pandemic or something).

2. Making Payments

Even though it seems like daily life has come to a halt, the world keeps turning, and so do your payments that you need to make. Using this newfound cash to make loan payments of any sort may give you the peace of mind that’s hard to find these days. So put some green towards those payments and take a breath. You deserve it!

3. Your Health

Your wellbeing is always a good investment. Putting your health first is a smart financial decision because when you’re proactive with your health, it may save you high money repercussions in the long term. Medical bills are not fun, and they may continue to get worse the longer you put off taking care of yourself. Cheers to health, body and mind.

4. Putting Money in Your Home

Let’s keep this simple; your home is an investment, and if you want to resell it one day then you have deal with the upkeep (a.k.a keep it nice). Putting some money towards updating the style, functionality, and safety of your home may be money well spent. Every dollar you put in your house may be another dollar earned upon resale.

Being smart with your tax refunds can come in many other forms. As long as it’s in the best interest of your financial future, go for it. May the green be with you.

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.