It's Time to Use Your Tax Refund to Your Financial Advantage! | Cleveland Bradley County Teachers Federal Credit Union

Will you be receiving a tax refund this year? Before you get to spending that hard-earned money, there might be a few things you want to consider.

Our team at Cleveland Bradley County Teachers Federal Credit Union want you to take a look at ways you can use your tax refund to your financial advantage this year. Start here:

Put Your Tax Refund to Work

The average tax refund for the tax year 2018 was around $2,781. That is a good chunk of money. The first thing to consider right now is whether you’re set up comfortably for the current moment.

In other words, are you financially set even during a time of financial stress? If not—or if you feel you could use more cushion—use your refund for that purpose, adding it to either your checking or savings account just in case it’s needed as we navigate new, unfamiliar ground.

Pay Down Debt

If you’re set for now, then consider other options.

Do you currently have a credit card bill that is carrying a balance? What about a car loan? If you are only a few thousand away from paying it off, why not use your tax refund in order to pay down on your existing debt so that you can take even a bigger step closer to being debt-free?

Establish an Emergency Fund

Did you know that nearly 28% of adults living in the United States have no emergency savings? Are you one of them?

Establishing a strong emergency fund can help you cover those unexpected expenses that seem to crop up occasionally. Wouldn’t it be nice if you had the money to cover these expenses rather than going into debt?

An emergency fund can help you to do just that! While $1,000 is a good starting point, it is best to try to aim for three to six months worth of living expenses.

Make Home Improvements

Whether you are looking to sell your home this year or not, making home improvements can help to add value to your home. Some of the best home improvement projects to start with include:

• Garage door replacement
• Minor kitchen remodels
• Siding replacement
• Roofing replacement
• Deck and/or patio additions
• Basement remodel

Are you looking for a savings account to put back your tax refund for a rainy day? Visit the Cleveland Bradley County Teachers Federal Credit Union website today to learn about the variety of financial services, including our savings account options, we offer to meet your needs!