Last year, the Treasury Inspector General for Tax Administration reported that the average tax payer received $2,696 in refunds from Uncle Sam. While it seems exciting to receive such a large windfall, many tend to just spend it all on material things without saving a penny. This year, Daily Finance decided to create a list of ways you can use the extra money to make your life better in long run to encourage responsible spending and saving. Here are some of the great ideas:
1. Pay Down High-Interest Debt
2. Pay Off Small Debts
3. Fatten Your Emergency Fund
4. Save for Retirement
5. Save for College
6. Invest in Your Productivity
7. Hire a Career Coach
8. Contribute to Charity
9. Start a Business
Click here to read the full article and learn more about each idea.
Also, when filing your taxes this year, be sure to use TurboTax and get your maximum refund fast – Members CU members can save $5 on the TurboTax federal Deluxe edition! Click here for more information and to purchase TurboTax.