Craft Law Offices are bankruptcy attorneys serving Eastern North Carolina, including Greenville, NC and Wilson, NC. We specialize in traffic law, underage drinking citations, and assisting you during the bankruptcy process. It is our philosophy to make your bankruptcy experience as stress-free as possible.
It’s that time of year where people start doing their taxes, and hopefully, you will get a tax refund this year. If you do, instead of spending all of your money on shopping or eating out, you can instead invest it and quickly see a return on your money.
Here are some investment ideas from The Balance for your tax refund:
- One of the smartest ways that you can invest your tax refund, no matter how big or small it is, is to use it to pay off your credit card debt, especially those credit cards with high interest rates. Putting down money against these high-interest cards actually saves you a good deal of money in interest payments in the long run, making it a smart investment. This is also true of any other debts that you have, such as a mortgage or a student loan.
- Another smart way to invest your tax refund is to put it aside for an emergency fund. Search around and find a high-yielding savings account and place your refund in there. Don’t touch the money until an unexpected emergency, such as a hospital visit or car trouble, require you to use it.
- Another great way to invest your tax refund is to put it towards your child’s college fund. Set up a fund such as a 529 college savings plan, which allows you to save for your child’s tuition without having to pay taxes on that money. This option is an amazing way to invest in your child’s future, but if you have credit card debt or no emergency fund, you should use your money towards those first before you invest in a college fund.
If you are looking for legal financial advice, contact the bankruptcy attorneys at Craft Law Offices in Greenville, NC and Wilson, NC.