It’s tax season, and you know what that means?!? For most Americans, that means it’s time for tax refunds! While you may be tempted to splurge, why not put that money to work? Making smart moves with this extra cashflow will pay off in the long run. Here are ways you can make the most of your tax refund:

Boost Your Savings with a High-Yield Account

Looking to grow your savings or even simply start a savings account? Consider depositing a portion of your tax refund into a high-yield savings account. Look for savings accounts that offer competitive interest rates, so you can get more return on that money. Whether you’re saving for a rainy day, a dream vacation, or a big purchase, you won’t regret having extra cash in savings.

Pay Down High-Interest Debt

If you’re carrying balances on high-interest credit cards or loans, paying them down will help you get ahead. By tackling your debt head-on, you can save money on interest and take a big step toward financial freedom. Consider personal loans and credit cards with competitive rates and flexible terms, so you can consolidate your debt and pay it off faster.

Plan for the Future with Retirement Savings

It’s never too early – or too late – to start saving for retirement. If you’re not already contributing to a retirement account, consider an IRA (Individual Retirement Account). IRAs offer a wide range of investment options, including stocks, bonds, mutual funds, ETFs, and more. This flexibility allows account holders to create a diversified portfolio tailored to their risk tolerance, investment goals, and time horizon. By going with an IRA, your tax refund can kickstart your retirement savings journey and help you build a brighter financial future.

These are just a few ways you can make your tax refund work for you. If you’d like a more personalized plan for planning your financial journey, you can speak with our financial counselors or our wealth management team with Keesler Financial Group to explore more options.

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