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Tax Season: Smart Ways to Spend Your Refund Check

Kara Yaquinta
By Kara Yaquinta - November 16, 2019

If you’re like the rest of America you’re probably already planning what you’re going to do with your federal tax return. As you countdown the days until the check hits your bank account, think about these smart ways to make the most of your tax refund check in Florida:

Smart Ways to Spend Your Tax Refund Check

Take a Vacation

Volkswagon van on roadtrip

Do we have to be the ones to tell you why you should do this? You deserve it, duh. Besides, what better way to take a vacation than not having to spend money that’s from your checking account. If you really think about it, it’s like a free vacation in a way. Buy that ticket, book the Airbnb and earn those credit union travel credit card rewards.

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Move that Cash into Savings

saving money

If you find yourself living paycheck to paycheck, resist the urge to splurge and move your money to your credit union savings account. You’ll be prepared if any emergency happens and it’s always nice to log into your account and see a large amount of money. Take the initiative to feel rich and stash the cash!

Pay off Debt

woman counting money to pay off debt

Did someone say bye-bye debt?! Most people could agree, owing other people money is not fun…especially when high interest is involved. Take some of your federal refund check and apply it to outstanding debt. It’s a great way to put you ahead and a nice fresh start to better spending habits. However, there’s a little trick to this and that’s learning some self-control so you don’t fall into this pattern, yet again.

Use it Towards a Big Purchase

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Feel like it’s time to buy a new car? Maybe you want to update your wardrobe because you got a new job or you’ve had your eye on those Yeezy’s. Whatever the case may be, amp up your life and use your federal tax refund check. Just make sure you don’t neglect any responsibilities before you do this, so if you need to budget in a few bills with this, than do so!  

Invest in the Stock Market

stock marketing screen display

For those sophisticated folks, who wish to see their money flourish this method may just be for you. It’s no question that the return on your investment is normally greater than that of a traditional savings account, CDs or bonds. However, if you’re also willing to take a risk and rather revisit your money later down the line, then give this a shot.  Of course, consult a professional since there are risks.

If you’ve been slacking on filing your taxes in Miami, get them done so you can start to enjoy the benefits of your federal tax refund check.

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The content reflects the view of the author of the article and does not necessarily reflect the views of Tropical Financial Credit Union or its employees.
We do not guarantee the accuracy or completeness of the information presented in the article.