Best Ways to Use Your Tax Refund

Tax season has officially passed, and if you’re one of the many taxpayers who received a tax return this year, you’ve probably already received it. You may be interested in saving or investing your refund, or perhaps you’ve got your eye on a new big ticket item like a computer or gaming console. The choice is yours – what are you going to do with your tax refund?

If you haven’t decided how to spend or save your refund, here are a few ideas to keep in mind:

Create or add to an emergency savings fund.

As we’ve seen in recent years, any kind of traumatic event can affect our income, so it’s vital to keep an emergency savings account that you add to on a regular basis. If you feel that your emergency savings needs a boost, you can use your tax refund to replenish it. 

Boost your retirement savings.

If you have an individual retirement account (IRA) with Polam, you may want to set aside some or all of your tax refund in that account to increase your investment. It’s never too early to begin saving for retirement, so if you haven’t opened an IRA, why not do so now with your tax refund?

Pay down credit card debt.

If you’re only making minimum monthly payments on your Polam VISA credit card, you may feel like it’s taking an eternity to pay off. If you receive a tax refund this year, you can eliminate a good chunk of that credit card debt with a hefty payment. 

Save for an exciting holiday or vacation.

You don’t have to spend a ton of money to enjoy a fun-filled, relaxing vacation, but your tax refund can go a long way in funding a trip for you and your family (or even a solo vacation). Polam members can open their own savings account or CD account for any kind of special occasion, including holidays and vacations. 

Our Polam team is here to help members with their investment questions and concerns. If you’re interested in opening a savings account, CD account, or IRA, give us a call or visit our website to learn more about your investment options with Polam!