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That big check doesnt have the same wow factor under that lens does it?
Tough times are no excuse to waste money, no matter how good it feels in the moment.
Lets consider six of thesmartest ways to use your tax refund, according to financial experts.
Wipe Out Credit Card Debt
Are you carrying any credit card debt?
If so, get rid of as much as you might with your tax refund.
Average credit card rates are over 20%, said Kyle Enright, president at Achieve Lending atAchieve.
You have that money to save or invest, meaning it can earn more money for you.
And youll decrease stress.
Saving for retirement and investing it as early as possible allows for the most compound growth possible.
Note that this is as important to do at 25 as it is at 55.
Saving for retirement now can help your overall budget later on.
Contributions are tax-deductible, even if you dont itemize on your tax return, Enright said.
Withdrawals to pay qualifying medical expenses are tax-free, anytime in life.
Best of all, you’ve got the option to use your HSA anytime; it never expires.
Stop waiting and use your tax refund to handle it now.
Same goes for your car(s)!
Use your tax refund as an investment in education.
There is no shortage of courses you’re free to take online.
Caitlyn Moorheadcontributed to the reporting for this article.
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