Tax refunds are expected to be bigger this year. And since most Americans who file usually receive at least some refund, it may be time to ask: How am I going to spend it? Splurging on something new for yourself is one way to go. However, if you’re generally cash-strapped, there are other ways to use those extra dollars for a more positive, long-term outcome.
Wise Money Tips for Tax Refund Recipients
Looking for smart ways to spend your tax refund this year? At Cash2Go Financial in northern Illinois, we’ve got some ideas:
- Pay down high-interest debt. If you have credit card debt or other loans with high interest rates, the best use of your tax refund might be to pay down or pay off some of these balances. This can save you money in the long run, and at the very least helps improve your current financial health.
- Invest in a career-building skill. Is there a course or workshop that you’ve had your eye on? Whether it’s to learn to be a line cook or some computer-related skill, personal development is a great idea for someone with career aspirations. Think of it as an opportunity to invest in yourself so you will have better job opportunities and increased earning potential later on.
- Pay for a much-needed repair. Perhaps your tax refund enables you to make a much-needed improvement. It could be dental work you’ve been putting off, or an appliance in your home that’s on its last leg. Simple things like fixing leaks might end up saving you money in the long run.
- Add to your emergency fund. If you don’t already have an emergency fund, this is your chance to start one. And if you do have one, consider using the refund to add to it, giving you more financial security in case of an unexpected medical bill or car repair.
- Contribute to your retirement savings. Contributing to an IRA (Individual Retirement Account) or a 401(k) is yet another smart money move. Not only are you investing in your future, but you might be able to receive tax benefits now, like tax-deferred growth, as long as you qualify for them.
Use Smart Services at Cash2Go Financial
Here’s another thought: put those extra dollars toward one of Cash2Go Financial’s many convenient services. We can turn your bills into coins or vice versa, help out your home-based business, and do a whole bunch of other things you may not have considered. To name a few:
Cash Your Tax Refund Check
You will be in and out in minutes, with cash in your pocket, ready to spend.
Update Auto Stickers or Registration
If you’ve been putting off an annoying auto-related task due to the fee, you may be out of excuses. But chances are we can handle it for you. Check out our vehicle services here.
Put Money on Your Prepaid Debit Card
Want to splurge on something safely without overspending? Get a prepaid debit card, or load your refund money onto an existing one. Cash2Go Financial makes it easy for you. Just bring in the refund check and we will handle the rest.
Purchase Foreign Currency for Upcoming Travel
If you’re planning a trip, exchanging some of your tax refund for foreign currency in advance can help you avoid high exchange fees at airports or tourist areas. You might also get a better exchange rate if you shop around before your trip.
Wire Cash to Someone Far Away
There are multiple ways to pay someone back or help them out with extra dough when they live far away. If you have a loved one in another country, you can easily get cash to them using a money order or money transfer.
Visit Your Nearest Chicagoland Cash2Go Financial
At Cash2Go Financial, we want to help you spend your refund money wisely and safely. Our team is happy to help you out and answer any questions you may have. Stop by your nearest location, or call us at 847-469-2274 to get the details on your preferred service.