Tax refunds are expected to go up this tax season, and by noticeable amounts for many people. According to Bankrate, two out of three tax filers usually get money back. In fact, the IRS has already returned billions of dollars to Americans since the start of the year, and millions of people haven’t even submitted their returns yet.
Granted, it is technically their own money they are getting back from the government. Still, if you’re expecting a little moolah from Uncle Sam, start thinking about what the best use of those extra dollars would be.
(Consider these tips for lowering your taxes this year.)
In NY or NJ: File W-2s at CFSC Currency Exchange for Faster Cash
First, find out if you can file your taxes at your local CFSC. Certain Currency Exchanges can help you get your money pronto. Our tax refund service helps qualifying W-2 filers submit their returns and can be a direct line to receive your refund. If you are in New York or New Jersey, call your local CFSC to see if they will help you file online through Tax Max.
Ask if You Can Get a Same Day Cash Advance
Getting your refund sent to CFSC also makes it easier to access that money when you submit your returns. If you are able to file at one of our locations, a CFSC team member can find out if you qualify for a cash advance the same day you file.
Put Your Refund Where It Matters Most
People living paycheck to paycheck should try to make the most out of whatever refund they receive. It’s up to you if you’d prefer to use the cash to celebrate in style. You could easily load it onto your Yes! Debit™ card and have a little extra mad money for the month.
But if you want to stretch those dollars further, we have a few ideas about how even small amounts can make a meaningful difference in a person’s life:
1. Pay Down a High-Interest Loan (Credit Card Debt, Payday Loan, etc.)
Whether due to credit card debt or something else, high interest debts can be dangerous. The accumulation of interest on them becomes harder and harder to pay off. If you have this type of debt, then you know the struggle. Whether you expect to get back $200 or $2,000, see if you can use it to reduce your monthly payments and lower future interest on them.
2. Add to Your Emergency Fund
Even a small emergency fund gives you a buffer for unexpected expenses, which can also prevent you from falling deeper into debt. If you get back a few hundred dollars and don’t have more urgent needs, set it aside in case an unexpected medical bill is in your future. Simply having this fund will encourage you to add small amounts to it each month.
Even if the sudden expense turns out to be a gift for your kid’s wedding, you’ll be glad you had the extra dough.
3. Cover That Expense You’ve Been Ignoring
Are things going well – except for that one expense you keep putting off? Perhaps it’s time to bite the bullet and get the new water heater you know you need, or finally get certified in that one area that could lead to a better job. Investing in the wellbeing of your home, your education, or any other aspect of your life will be worth it.
4. Set Money Aside for Your Retirement
Most Americans are not setting aside enough money for their retirements – especially if they live into old age. Even if that seems lightyears away, creating a retirement savings fund can be a good idea at any age. Doing so is especially advantageous if your employer is matching any of those funds, as well as if your retirement savings are not subject to taxes.
Select CFSC Currency Exchanges Help Locals Get Refunds Faster
CFSC Currency Exchanges enjoy helping people throughout the country manage their finances year round, not just at tax time. Take a look at our many financial and auto-related services online and you will see what we mean. If you have questions about anything, call your local CFSC and we will do our best to answer them.