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Ways to use your 2020 Tax Return

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Ways to use your 2020 Tax Return


The beginning of the year is an exciting time. You leave last year in the past, the weather starts to warm up, days get longer, and it also means it's tax return time! Not everyone receives a refund, but those who do can range from receiving a small refund to a sizeable one. If you receive a large refund, you may wonder what the best way to use it is. Below are a couple of ideas on how to use your refund:

  • Buy your financial freedom: If you have outstanding debt (a loan, credit card, etc.), pay it off with your return. Paying off a debt will help save money on your monthly bills and can even help raise your credit score.
  • Build your emergency fund: If you do not have an emergency fund started, use your tax return to create one! This fund would be there for you if an emergency were to arise, like unexpected car repairs, unemployment, or medical expenses.

To read even more ways to use your tax return, check out this NerdWallet article here. Contact Us today to create your emergency fund with one of our multiple savings accounts.

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