Sure, treat yourself to a new pair of shoes or see that award-winning film before the month is out. Then, jump in and consider the best way to use your tax refund. Here are some ideas.
- Pay off debt – Don’t let those credit cards get the best of your financial future. Apply your refund toward reducing your debt.
- Contribute to your retirement fund – Do double duty with your dollars and put your refund into an annuity with Sons of Norway.
- Buy life insurance – If you have loved ones who depend on you, life insurance is the best way to protect them.
- Home improvement project – Owning a home comes with responsibilities and upkeep. Don’t let taking care of home repairs get the best of you. Use your tax refund to ensure your home retains its value.
- Save for college education – Whether it is an emergency fund or dollars set aside for future tuition, saving is a great way to use your refund.
- Donate to a charity – Another great way to use your tax refund is to donate to a charity you are passionate about, like the Sons of Norway Foundation.
Once you decide how you will use your 2018 tax refund, it might also be a great time to adjust your withholding to potentially reduce your tax refund for 2019! You might as well keep those dollars working for you all year round, versus letting the government hold on to them.