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Make the Most of Your Tax Returns

A tax return is the money refunded by the IRS because you over-paid in taxes throughout the year.  While filing taxes can be a confusing process, it is well worth it in the end!  According to the Internal Revenue Services, the nation's taxpayers received an average tax refund of nearly $3,000 in 2015.  After months of waiting, now is the time when millions of Americans are due to receive their 2016 tax return funds.

Once you receive your refund, it is just as important - if not more important - to use that money wisely. At Fitzsimons Credit Union, we suggest you make the most out of your returns funds this year with smart investments.  Whether you are expecting a hefty refund or something a little smaller, here are some easy ways to invest your tax returns:

  • Save for emergencies: Open or add to a statement savings account that serves as an emergency or "rainy day" fund.
  • Pay off debt: Pay down existing balances either by applying your refund to your higher-interest loans or using it to pay off smaller debts.
  • Put it toward a down payment: It's hard to save up for a down payment on a house or vehicle. Save your tax refund to use as backup or put toward a needed down payment.
  • Invest in your home: Put your tax refund toward home improvements. This is considered an investment that will pay you back down the line by increasing the value of your home.  
  •  Refinance your mortgage: Unhappy with your mortgage rate?  Extra money from a tax refund can allow you to refinance your mortgage and save hundreds to thousands of dollars per year on interest.

While none of these options sound exciting or glamorous, there is no better feeling than providing you and your family with financial security.  To open up a savings account or gain financial advice from professionals you can trust, contact Fitzsimons Credit Union at 303-340-3343 or toll free at 1 (800) 933-5839.




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