Put Your Tax Refund to Work for You | St. Johns Bank

Did you know? Nearly eight out of 10 taxpayers receive a refund. Wouldn’t it be nice if you were one of them? However, with a great gift comes great power, and it is important that you use that power wisely!

While we won’t tell you what you have to do with your tax refund, our team at St. Johns Bank does want to give you some tips on things you might want to consider doing with your tax refund once it arrives.

The Possibilities Are Endless

Let’s take a look at some ways you can use your tax refund to your financial advantage this year:

First, you might want to consider paying down debt that you have accrued this past year—or even over the years. Your debt is costing you each month, especially if the interest rate is substantial.

Therefore, let’s get to knocking that debt down as soon as possible! Using your tax refund can be a great start in getting your debt paid sooner rather than later.

Second, if you still don’t have an emergency fund—or you had to take some money out for an emergency—consider using your tax refund to build up or replenish your emergency fund.

That way, when an emergency happens, you will have the funds to cover it and not have to go into debt.

You might also want to consider using your tax refund for home improvement projects or home maintenance you have been needing to complete. From installing a new air conditioner to updating certain rooms in your home, you can invest your tax refund in your home. Doing so might end up paying off in the end when it comes to the value of your home.

Finally, consider putting your tax refund toward your savings account and/or retirement fund. You were not expecting the money anyway, so why not save it for a day when you will really need it? While you might not find this fun now, once retirement comes, you will be glad you did!

Are you ready to put your tax refund into a savings account? Contact our team at St. Johns Bank today to learn how our savings account options!