March 10, 2020
It's time to consider how to make the most out of any refund you may receive this tax season. Below are six options to help you reach your goals.
- Have existing debt? Putting your refund toward high-interest balances can help provide peace of mind. Just remember to understand any potential penalties ahead of time.
- Some experts recommend maintaining an emergency fund holding at least two months’ worth of living expenses. If you are interested in establishing or building on your emergency fund, a savings account may be a strong option allowing you to earn interest while maintaining liquidity in case that dreaded expense or hardship does happen to arise.
- It is never too early or late to invest in your future. Whether you are planning for retirement or getting a head start on your child’s savings, your tax refund could provide a valuable foundation or contribution.
- Another good option may be investing in your home. Getting those cost-effective appliances you have always wanted or making your vision for that room come to life could benefit resale value while making your home more comfortable. If you have more substantial renovations in mind, OceanFirst Bank can help with a home equity line of credit.
- If you have the flexibility, the money you receive can help you and your family enjoy a little vacation time. It is always a good thing to take your mind off of things and to relax.
- Consider paying it forward. There are many worthwhile nonprofit charitable organizations throughout New Jersey, Pennsylvania, and New York. Plus, your donation may be tax deductible next year.