Friday, March 16, 2018
4 ideas to get the most from your tax refund
More consumers are resisting the temptation to spend their refund from Uncle Sam.
Of the two-thirds of consumers expecting a tax refund this season, 49 percent plan to put the money into savings—the highest level in the 12-year history of the National Retail Federation’s annual tax return survey. In addition, 35 percent will use the money to pay down debt.
If you’d like to get the most savings from your tax refund, here are four financially sustainable ideas:
Save for retirement
An Individual Retirement Account (IRA) is a simple way to save for retirement. And it’s not too late to contribute to a Traditional or Roth IRA for the 2016 tax year. Qualified individuals can make contributions until April 18, 2017. For more investment direction, contact Dupaco Financial Services.
Save year-round for the holidays
With Dupaco’s Holiday Club, you can systematically save for the giving season all year long. At the end of October, the balance will be deposited into your checking account (or your savings account if you do not have a Dupaco checking account).
Intentionally save for your goals
With You Name It Savings Accounts, you can name them whatever you wish, and systematically save for your needs or wants. These accounts can be a great tool for investing in your future, which might include further education or home improvement projects to increase your home’s value, Hilkin says.
Save for your children
By Emily Kittle