Here are some smart ways to spend your tax refund this year:

Pay down your debt. This may be the smartest choice when deciding what to do with your refund. Decreasing your debt helps alleviate the interest you’re paying, which will be a huge weight off your wallet and credit score. Debt can feel like a mountain, so use this opportunity to start digging yourself out from under it.

Put it into retirement. If you’re not steadily adding funds to your retirement account (401k, Roth IRA), you’re doing yourself a disservice. Even if you’re young and it doesn’t seem that important right now, you’ll be 65 before you know it.

Need help with retirement planning? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1500, or stop in to see us!*

Build up an emergency fund. If you’re doing a good job of saving for retirement, congratulations. But you may get yourself into trouble if that’s all you’re saving. Take this opportunity to use your tax return to create an emergency fund in case things go south (you lose your job, car dies, etc).

*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

Article Source: John Pettit for CUInsight.com