6 Great Ideas to Make your Tax Refund Go Farther

Have fun with your tax refund but make sure that fun lasts longer with these 6 ideas to make your tax refund go farther.

It’s tax day and many are scrambling to get their returns in before the deadline. Hopefully you are already done and are expecting a big check from Uncle Sam. 

You’ve got “free” money and want to spend it. Go ahead and have a little fun, you worked hard all year and deserve to enjoy life. But wait! Don’t spend all of it at once. Check out these 6 ways to make your tax refund go farther. 

Build your credit score

Paying off high-interest debt is going to be a double-benefit. Paying off high interest debt is also going to lower your debt-to-income ratio and could improve your credit score. 

Take advantage of tax credits

You can get a maximum of $500 credit for all years combined that you put it on your return. The credit is for 10% of the cost of improvements, so you max out at $5,000 worth of upgrades. 

Classes or save for college

Research firm Payscale found the return on a college education to be just under 12% a year on average. That’s the extra money you’ll make through your lifetime against the money spent and lost wages.

Invest in dividend stocks

This one really applies to any investing but I like dividend stocks because they’re typically more stable and will send you a check every three months. 

Start an emergency fund

Ok, so this one may not seem as fun or as interesting as the others but it’s no less worth your time. You may not earn much money on your emergency savings in money market accounts but it will save you big time if you every need it. 

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