How to Use Your Tax Refund with the Best Savings Accounts in Henderson
We've all reacted with surprise when we've heard what lottery winners say they will do with their money. It's even more surprising to learn, just a few years later, how some of these multi-million dollar lottery winners report being flat broke – often a result of unbridled spending and a disregard for savings.
You can apply a lesson from their tales of misfortune by putting your tax refund to good use, by, among other sensible moves, placing some of your refund in the best savings accounts in Henderson.
No one ever said a tax refund is the equivalent of a six- or seven-figure lottery prize. Few people would begrudge you spending a small portion of your refund on some indulgence. You worked for it, after all.
Your hard work also supplies a good reason to spend your tax refund judiciously. Like a lottery windfall, a tax refund puts extra money in your pocket – and it can grow exponentially if you treat it with the care that eludes some carefree lottery winners by:
Reducing debt, especially on high-interest credit cards.
The interest you're paying probably exceeds any investment in your portfolio (with the possible exception of a 401(k). Look at your car loans, too. As long as that tax refund is helping you feel emboldened, you may be able to negotiate a lower interest rate.
Opening or adding to an Individual Retirement Account.
The IRS caps 2017 contributions at $5,500 for people under 50 and $6,500 for people over 50. In 2015, the average tax refund was $3,120, meaning for most people, a tax refund can go a long way toward funding an account.
Starting or adding to an emergency fund.
Financial experts have long advocated setting aside three to six months worth of income – enough to cover emergencies that come in all sizes, from a minor cellphone fix to an expensive car repair. If this goal is out of reach, try to set aside at least $2,000. It's only a matter of time before you'll be glad you did. But don't stash that cash in an envelope or under a mattress. Move on to the next step.
Opening the best savings accounts in Henderson at Clark County Credit Union.
With your emergency fund relegated to one account, use the rest of your tax refund to open:
- A regular savings account with a mere $50 deposit
- A secondary savings account, a Christmas Club account (with funds paid out on November 1) or a Vacation Club account (with funds paid out on May 15)
- A "more money" savings account with a minimum deposit of $5,000
Remember, when you join Clark County Credit Union, you become a member who shares in dividends. Clark County Credit Union members shared in a $3 million dividend in 2016 – and a total of $56 million since 2001. That's the kind of return that will make you feel like a lottery winner – but a wise one who will have something grand to show for it. Call CCCU at 702-228-2228 to open the best savings accounts in Henderson, today.