Save Your Tax Refund
Shirley Bouie

Income tax filing is here. So often we plan how we are going to spend our return. This year think about saving your refund. Too often the refund is spend before paying off bills or placed in saving.

American Save$ (Start Small, Think Big) program suggests the following:
• Pay down your debt. Use your refund for some much needed debt relief. Pay off your credit card balance. If you have an outstanding balance on more than one credit card, try to pay off the smaller, high-interest rate balances first. That will free up more funds to put toward larger balances. Alternatively, you can apply your refund toward other debts, like a car loan or a home equity loan.
• Save for a rainy day. Why not give yourself an even bigger return on your tax refund by putting the money into a savings account, CD, or retirement fund? Your tax refund will continue to grow if you put it into savings or invest the money. It’s always helpful to have a savings account to draw from when a major car repair bill, medical emergency or other unexpected expense comes along. That way, you don’t have to borrow money and add to your debt-load.
• Consider your financial goals. Trying to save for a house or car down payment? Hope to contribute to your child’s college tuition? Consider applying your tax refund toward these goals. If you don’t yet have a set of short-term and long-term financial goals, put one together. You’ll be more conscientious about how you spend your refund or any other extra money that comes your way.
Remember, you work hard for your money and you deserve to enjoy a healthy financial lifestyle. Put some thought into how you use your tax refund. Making smart financial decisions is not always easy, but it will definitely benefit you and your family over the long term.
Tax Time Savings Bonds
Tax Time is a great time to kick start or grow your savings for the future! U.S. Savings Bonds are one safe and easy way to do it.
There are a lot of great reasons to buy U.S. Savings Bonds at tax time.
1. You do not need a lot to get started — start with as little as $50. Use just part of your tax refund to start saving.
2. It is simple at tax time. Just select the amount you want saved from your income tax refund and you’ll receive your bond in the mail.
3. Earn interest. Your money starts growing immediately.
4. Bonds are safe. Bonds will never lose value and they are backed by the U.S. Government.
5. No fees. There are no fees to buy or cash in your bond.
6. Money for the future. You help your loved ones live their dreams when you buy bonds.
7. Gift savings to your loved ones. Bonds can be purchased in someone else’s name – so you can help jumpstart the savings and dreams of the people you care about.
What are tax time bonds?
Tax Time Savings Bonds are Series I U.S. Savings Bonds. Issued and guaranteed by the U.S. Treasury Department, Tax Time Savings Bonds can be purchased directly on your tax form. You can cash in your bond after one year at most banks or credit unions, but the longer your keep it the more it will grow in value. Your bond will earn interest for up to 30 years. If you cash your bond within 5 years, you’ll lose the last three months of interest.
Growth on your bonds is guaranteed! Bonds make saving safe, simple and secure

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