Simple tips on how you should really be spending this wonderful influx of cash…
Ok, so we’re a little behind on this one San Diego… and your tax refund is probably long gone and hanging in your closet. So in the hopes of a hefty return next tax season, we’ve provided some smarter ways to use that extra money!
Keep these in mind for next year…
Open or add to your savings account.
If you don’t already have a savings account, now would be a great time to start. An emergency savings account is always a good idea; you don’t want to be dipping into your funds when you don’t really need to.
Build Your Inner Boss.
Take some online courses or night classes that you can use to build or even change your career. If you’ve been pondering starting your own business, you can use your refund to get started!
Sharing is Caring.
Donate a portion or all of your return to a great cause! You can deduct your contribution from the next round of taxes too.
Pay off those credit cards.
Interest rates these days are so high that it can take many people months to pay off their debts- and you’ll be paying extra in interest. By using your extra money to pay off your credit card now, you’ll be saving even more in the long run.
Retire with style.
We’re sure you’ve noticed that most of these tips are encouraging you to plan ahead, so you’ll be comfortable in the future. There is no bigger and better way to accomplish this than opening or maxing out your IRA (Individual Retirement Account). You can contribute up to $5,500 into your IRA, which will grow exponentially over the next few years.
For more tips and advice on how to spend your money wisely, get in touch with Paragon Accountants– we can’t wait to see you next tax season!
