[custom_frame_left][/custom_frame_left]Tax season is right around the corner. If you’re anticipating a refund, you’ve probably already thought about how you’re going to spend it. If you don’t already have plans for this extra money, you might be asking yourself, What should I do with my tax refund? Well, we have some suggestions for you.
Invest
Investing your money is never a bad idea. It not only provides you with the option of planning for your future, but also allows you to earn more money on your initial investment. SECU has a variety of savings options for you. Visit us here to find out more about SECU savings accounts.
Vacation
Planning a vacation is always fun. It’s even more fun if you can pay for the trip up front! Setting aside your tax refund for a future trip will allow you to plan your dream trip. You can find out more about SECU’s Vacation Club here.
Open a CD
A certificate of deposit (or “CD”) is similar to a savings account. However, with a CD you are agreeing to keep the money with that institution for an agreed upon length of time. In exchange for you keeping the money in that account, the bank will usually grant you a higher interest rate, therefore making you more money. The money is also insured and guaranteed. CDs are a good strategy for a short-term investment. As always, you should consult a financial advisor or SECU representative for advice on investing.
Christmas club account
As we look toward spring, you’re probably not thinking about Christmas. But we all know how quickly it can sneak up on you. Setting aside all or some of your tax refund in an SECU Christmas Club account will relieve a lot of holiday stress! For more information about SECU’s Christmas Club, click here.
Pay Down Debt
If you have student loans, credit card bills, or other debt weighing you down each month, you may want to use your tax refund to pay down some debt. Not only will you have more money each month, but paying debts off early will help you avoid high interest rates. For more information about debt reduction strategies click here.
A New Mexican Perspective
