Tax Time: Using a refund to fund your future
This year the average federal income tax refund is expected to be around $3,000. While some individuals will use the money to splurge on big tickets items, here are some suggestions on how you can make better use of your big refund.
- Pay off debt – Paying off high interest debt will save you money and help improve your credit score.
- Start an emergency fund – With a properly funded emergency fund you can avoid getting into debt in the first place. Use the money for car repairs or other financial emergencies.
- Fund your retirement – Make an investment in your future by funding your retirement today. The longer you save, the more your money can grow.
- Save for future purchases – Putting money into an account to save for a car, new hot water heater or other expenses can help you avoid debt.
- Start a 529 account – Putting a little money away for your child’s college fund today and it will grow significantly by the time they need it. Also in some states contributions into qualified 529 plans are tax deductible.
Not getting a refund this year? Do you owe taxes or have considerable debt and you’re not sure how you are going to pay it off? CBC Settlement Funding can help you get out of debt by buying all or some of your future structured settlement payments for a lump sum cash payment. Use the money to pay off debts, fund an emergency fund and get back on your feet financially. Need help? Call us now at 877-386-3377 to get started.