If you are like many Americans, you’ll be getting a nice chunk of change back from your tax return…yay for free money! Except, it’s not free money.
Your tax refund is actually your hard-earned money that the government was simply holding interest free for the past year, so you may want to put that money to work for you.
Here are some great suggestions for putting your tax refund to work for you all year long:
Build an emergency fund. In these challenging economic times, most people live paycheck to paycheck. That makes managing unexpected expenses, such as car or home repairs difficult to manage. One way to protect yourself from unexpected expenses or losses in income is to have an emergency fund in a liquid savings account.
Learn more about our Savings Accounts
Make an energy-efficient purchase. Use your refund to purchase energy-efficient appliances, such as a dishwasher, dryer, or refrigerator, which can save you money all year long.
Start a college savings plan. If you have children, consider using the funds to open an Education IRA or 529 college savings plan. Once you open the plan, arrange to invest in the fund on an ongoing a basis. Even a small amount of money each month will add up over time.
Learn more about MNB Investments
We're here to help!
As your hometown bank, we look forward to helping you through the many stages of life, from your savings account to your retirement account. We've helped generations of families buy their first home, finance their vehicles, and plan for the future. Let us put our experience to work for you and your family.