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10 Smart Things to Do With Your Tax Refund

With tax season in full swing, there has never been a better time to get a head start on your finances. If you are one of the lucky taxpayers who will be getting a refund this year, you have two choices u2013 you could waste the money on a one-time purchase, or you could put that money to work and use it to save for the future. Here are 10 smart ways to put your tax refund money to work.

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10 Smart Things to Do With Your Tax Refund

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  1. 10 S M ART T H IN G S TO DO W ITH Y O U R TAX R E F U ND By: Spencersavings |www.spencersavings.com

  2. 1. PAY O FF Y O UR C R E D I T C ARD D E BT If the interest rate on your credit card is 18%, using your tax refund to pay off the balance will yield an eye-popping 18% return. It is almost impossible to find a better use for your tax refund money. 2. R E P L E N ISH (O R S T A R T) Y O UR E M E R G E NCY F U ND If you had to dip into your emergency stash over the last 12 months, now is the time to start rebuilding. Using your tax refund for this purpose is a painless way to get a head start on your savings. www.spencersavings.com

  3. 3. B O O ST Y O UR 401(K) P L AN C O N T R I B U T IO N If you have been putting off adding more to your 401(k) plan, let your tax refund check pay part of the freight. Just divide the amount by the number of pay periods to determine how much more you cancontribute. 4. F UND A H O ME I M P R O V E ME NT P R O J E CT Investing in the roof over your head is always a smart thing to do, so use your tax refund to pay for a much-needed home improvementproject. You will make your home more livable now, and more valuablelater. www.spencersavings.com

  4. 5. I N VE ST IN Y O UR KID’S C O L L EG E F U ND College costs are not going anywhere but up, and there will never be a better, or more affordable, time to pay for future tuition costs. Using your tax refund to save for college is one of the smartest investments you canmake. 6. C L OSE G APS IN Y O U R I N S U R A NCE C O V E R A GE Having sufficient insurance coverage in place is important, but it is not always affordable. Your tax refund gives you the perfect opportunity to close the gaps in your insurance coverage and get the protection youneed. www.spencersavings.com

  5. 7. S T ART A NEW IRA O R A DD TO AN EXISTING O NE Opening an IRA can reduce your tax bill next year and give you a jump start on your retirement savings. If you do not yet have an IRA, use your tax refund money to get one started. If you already have an IRA, you can use the tax refund dollars to add to yourinvestments. 8. O PEN A B ANK A C C O U N T FO R Y O UR C H I LD It is never too early to teach your kids about money, and giving them practical experience is one of the best things you can do. Offer to match your child’s savings, then take them to the bank and help them open their first account. They will learn a valuable lesson, and you will feelgreat. www.spencersavings.com

  6. 9. P R E PAY Y O UR N E XT VACATION Too many people fund their vacations on credit cards and suffer with debt the rest of the year. Use your tax refund to start your own vacation fund, so you will have plenty of money when your leisure time rollsaround. 10. SET UP Y O UR O WN P R E P AID C H R I S T MAS C L UB Although there are Christmas clubs that are good concepts, you may be interested in putting your tax refund money in an interest-bearing account so you will have even more to spend on Christmas later. www.spencersavings.com

  7. F IN AL N O T IO N ! With so many tax refunds due to hit mailboxes and bank accounts, now is the time for taxpayers to get prepared. Whether you are already looking forward to your refund or just getting your tax paperwork together, having a solid plan for the money ahead of time is good for your finances and peace ofmind. www.spencersavings.com

  8. A B OUT US Spencer Savings Bank is a full service, mutually owned and operated, community bank operating 21 branches across New Jersey. We’ve been in business for over 100 years, have more than $2.7 billion in assets and a team of nearly 300 dedicated employees who specialize in delivering premier banking products andservices. Spencer prides itself on being one of New Jersey’s strongest community banks – maintaining its distinct image of trust, security and commitment to its customers throughout all these years. We meet the full range of individual, business, commercial, and municipal banking needs through our broad menu of banking products and services. From basic personal checking services and small business products to financing expertise on multi-million dollar properties and commercial enterprises, Spencer’s banking capabilities are on par with those of the larger regional and national banks. Our highly experienced management team provides a unique and personal approach to banking locally, servicing its customers with an exceptional level of care that can rarely be found at largerbanks. At Spencer, we understand the importance of getting to know you as a customer. Not only will you have access to our broad menu of banking capabilities, you’ll also receive the personal attention you deserve as a valued customer. By taking the time to understand your needs, we become partners in the success of your business and personal financial goals. We’re also proud to partner with our neighbors to improve the quality of life for our community. With our roots as a community bank, we proudly support local business and workforce initiatives in the areas we serve, in addition to numerous civic groups, charitable organizations and youth educationalprograms. www.spencersavings.com

  9. C O N T ACT US ADDRESS 1611 RiverDrive Elmwood Park, NJ07407 PHONE 1-800-363-8115 EMAIL personalaccounts@spencersavings.com

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