Don't Let Your Refund Go to Waste
According to the IRS, the average tax refund is around $2,700. That's a significant amount of money that can be put to good use. Instead of spending it on something that might bring temporary joy, consider the following smart ways to use your tax refund:
1. Pay Off High-Interest Debt
Use your tax refund to pay off high-interest debt, such as credit card balances or personal loans. This will save you money in interest payments and free up your monthly cash flow.
2. Build an Emergency Fund
Create or add to your emergency fund to cover unexpected expenses, such as car repairs or medical bills. Aim to save 3-6 months' worth of living expenses.
3. Invest in Your Future
Consider investing in a retirement account, such as a Roth IRA or a traditional IRA. You can also use your tax refund to fund a 529 college savings plan or Coverdell ESA for your children's education.
4. Improve Your Home
Use your tax refund to make energy-efficient improvements to your home, such as new windows or insulation. You can also invest in home repairs or renovations that will increase your home's value. Check out our Spring Cleaning: Your Home Maintenance Checklist blog for some great ideas!
5. Boost Your Savings
Put your tax refund into a high-yield savings account or a certificate of deposit (CD) to earn interest on your money. Check out our current rates!
Reminder: Don't Forget to File Your Taxes!
If you haven't filed your taxes yet, don't wait any longer! The deadline to file your 2024 taxes is Tuesday, April 15th, 2025. Make sure to gather all necessary documents and file your taxes as soon as possible to avoid penalties and interest.
Reach Your Financial Goals This Year with AbbyBank
At AbbyBank, we're committed to helping you make the most of your tax refund. Consider the following options:
- Certificates of Deposit (CD): Earn competitive interest rates higher than traditional savings accounts with our CDs. Learn more: Certificates of Deposit
- Savings Accounts: Put your tax refund into a Savings Plus account through AbbyBank and get rewarded! The plus means that your bigger deposits can earn money at a higher interest rate. Learn more here: Savings Plus Account
- IRAs: Secure your future by investing your tax refund in an IRA with AbbyBank. Our IRAs offer tax advantages and a variety of investment options to help you build a solid retirement fund. Learn more: CDs & IRAs
Get Started Today!
Don't let your tax refund go to waste. Use it to improve your financial well-being and secure your future. Visit our website or stop by one of our convenient branches to learn more about our products and services. Don’t hesitate to reach out with any further questions, we are happy to help!
