Tax Refunds, Savings Accounts and Paying Down Debt

With the holidays over, it’s that time of year again to think doing your taxes, and about what you’ll do with your tax refund. Oh the possibilities. What will you do with your refund?

• You could open a savings account or add to the one you have.
• You could apply it toward credit debt and lower it to a manageable level.
• You could treat yourself and buy the latest and greatest gadget

The important thing is to put your money to work for you. You’ve worked hard to earn it, so make it work hard for you.

Set goals that you can manage. It can be counterproductive to set goals beyond what you can realistically make happen.

Take a ‘big-picture’ look at your finances and put that tax refund where it will do the most good. But before you make any major decisions, include the whole family and get their thoughts. You might be surprised how a collaborative effort like this turns up some great ideas.

If you are unsure of what to do, it might be a good idea to reach out to people you know and trust for advice.

If you decide to open a savings account, whether it’s with your tax refund or the generous check you got for Christmas from your aunt, take a look at the different kinds of savings accounts that First Basin Credit Union has to offer, each specifically suited to a different savings goal.

You may think a savings account is a savings account, but it is amazing what a difference it makes opening a Christmas Account or a Vacation Account. You give your goal an identity and it helps you focus on what you really want.  Growing money in a savings account can be rewarding on many levels. It’s not just about the money, it is also about the sense of accomplishment that goes with realizing a goal set for yourself.

First Basin Credit Union can help you become more financially fit, get that debt paid down and make this a winning year for you and your family. Visit us online or face to face at one of our convenient branch locations. Either way, we’re never too far away.