Yes, it’s that time of year again, tax season! You work hard and pay your taxes all year, you go through the process of getting all the paperwork done on time and anticipate the payoff. Your tax refund check. Instead of spending it on just any old thing here are four smart ways of how to spend tax refund cash this year.
Add a Some Cash to Your Child’s College Fund
One day they can barely climb the school bus steps to head off to their first day of preschool, and the next day they’re filling out college applications. Where does the time go? This year’s tax refund is a great way to continue to grow the college fund and prepare for your children’s future.
Fund an IRA.
Much like your children growing up before your eyes, the time when you want to retire will also be here faster than you anticipated. If you contribute your tax refund to an IRA (or similar investment fund), the money can grow tax-free until you withdraw it during your retirement.
Get Ahead with an Emergency Fund
Why is it that important household necessities like the refrigerator or the furnace seem to break down at the worst times? Or that unexpected medical expenses never come at the right time either? This is why it’s important to have an emergency fund. You could use this year’s tax refund to finally start one.
Get Practical and Invest in a Reliable Used Vehicle.
Has your car seen better days? Does it cost you more and more just to keep it running? Consider investing your tax refund in a vehicle through Drive Now where down payments are determined by your unique situation, and your stability factors like job, credit, and residency. Rather than having to constantly repair your current and problematic vehicle invest in a reliable car that will cost you less in the long run. If you’re interested in learning about what Drive Now offers the greater Phoenix area, contact one of our expert used car dealers in Arizona today or apply now to see if you qualify for financing.