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What Ohioans Plan To Do With Their Tax Refunds
How to get the most out of your tax refund
Special to The Truth
What would you do if you received an extra
paycheck this month? For Ohioans lucky enough to receive
one, a tax refund can be exactly that. With 49.2 percent of
individuals in Ohio getting about the same or larger returns
this year than last, many depleted “rainy day” fund and
empty vacation jars will be replenished.
The majority of Ohioans (53.2 percent) expecting a refund
will use the money to pay down existing debt, according to
the
Ohio Credit Union League’s 2015 Consumer
Survey. Meanwhile 46.8 percent will invest in a savings
program. Only 4.6 percent are planning to make a major
purchase, and a very small percentage will use it start a
new business.
With many deciding to save and pay down debt, where do you
start?
• Replenish “rainy day” funds.
Putting money aside helps manage the
unimaginable. Building up a “rainy day” savings account
allows for a little cushion when things such as car repairs
or home maintenance projects arise.
• Pay the high-interest balance first.
Before you make a large payment on a credit
card or loan balance, look to see which has the highest
interest rate and will give you the greatest relief to your
monthly expenses/payments.
• Invest in your future.
Putting additional funds in your retirement account can have
long term benefits.
• Invest in the next six months.
Certificates of deposit aren’t yielding much
return these days, but are still a safe short-term
investment with a moderate interest rate and guaranteed
return.
•
Look to a credit union for help.
Credit unions offer many avenues to help people invest in
their future well-being. Most offer long and short
investment options, as well as several savings programs to
help you watch your money grow.
To learn more about how a credit union can
help you or to find a one in your area, visit
www.aSmarterChoice.org.
The Ohio Credit Union League, with offices in
Columbus, is a state trade association representing 330
credit unions. Credit unions are not-for-profit financial
institutions owned and democratically-controlled by their
members. Ohio credit unions provide savings, loans, and
other consumer financial services to 2.78 million members.
To learn more, visit
www.aSmarterChoice.org.
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