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What will you do with your tax refund this year?

February 6, 2013

It’s that time of year again when tax reports start showing up in the mail and you receive your W-2 from your employer. Yes – it’s almost tax season again! Have you thought about what you will do with your tax refund this year?

Like any sudden in-flow of cash, your tax refund presents an opportunity to spend your money wisely or foolishly. While it would definitely be easy to blow the cash on something fun, like the latest iPhone or perhaps the hottest Coach purse, it may be wise to pay down some of your debt and/or invest in saving plans that can help you grow your retirement nest egg.

Here are some ideas to help you make the most of your tax refund this year:

Eliminate Debt: Interest has the potential to build quickly, so consider using your tax refund this year to pay off a portion of your outstanding debt, whether it is credit card debt, student loans, or a mortgage. It is smart to pay off the debt with the highest interest rate first.

Save: Most financial experts will recommend having at least 6 months of monthly income set aside for emergencies, but really any amount is better than none.

Give to Charity: Increase your charitable donations or give to those who are in need. If you need a suggestion about a great charity to participate in, check out the 2013 Hero Games, an event benefiting the Wheelchair Foundation. Your donation and participation can help provide wheelchairs to those who need them.

Invest: Consider investment options that can help you grow your wealth, such as IRAs, 401ks, etc. With a self-directed IRA, an investor can grow his or her retirement funds in traditional as well as non-traditional investments, providing more control over investment choices.

At NuView IRA, we hold many educational seminars and webinars to help you get the most out of your investment choices. At these educational events, you can learn everything from how to protect your investments to how to buy real estate with a self-directed IRA. We are educators and administrators, not brokers or dealers. Call our company of experienced self-directed IRA administrators in Florida at 407-367-3472 to discuss your investment options with a self-directed IRA.