What Should You Do With Your Tax Refund?

Tax season is upon us, and it's time to think about what you can do with your tax refund. To ensure swift, easy access to your potential refund at Apple Federal Credit Union, here are details you'll need to set up direct deposit:

• Apple FCU ABA Routing Number: 256078514
• Your 14-digit MICR Account Number.

Once in hand, here are seven ways that you can use this money to better position yourself for the future.

Start (or add to) an Emergency Fund

Do you have a dedicated rainy-day fund? If not, your tax refund is an excellent opportunity to start one.

Financial emergencies can happen at any time, and it's essential to have money set aside in case you find yourself in a tight spot. Consider opening a Second Savings or Money Market account to use for a separate emergency fund.

Use It for a Down Payment

Ready for a new home or car? Your tax refund can help you pull together a down payment.

While property may represent a better financial choice, upgrading your vehicle may have merit. After all, cars do wear out. And don't forget, we offer a down payment discount with an Apple FCU Auto Loan.

Save for Retirement

It's never too early to plan for your retirement.

Adding extra cash to your retirement account can help you support your long-term financial goals. Putting your tax return into your retirement account is worth considering if you haven't maximized your contributions this year or have a chance to get an employer match.

Pay Down Debt

If you have any lingering debt, using your tax refund to pay down your balance is almost always a wise move.

Debt can weigh us down and get in the way of our long-term financial goals. Using your tax return in part or in full to pay down debt can help you reap long-lasting rewards.

Improve Your Home

Ready to upgrade your home? Use your tax refund to spruce up the yard, exterior or interior of your residence or hire a professional to assist you.

It's unlikely that your tax refund will be enough to cover the total cost of significant improvements, but it can move you in the right direction. Start with smaller maintenance tasks and move your way up to larger improvements.

Pay for Your Dream Getaway

If you are debt-free and feel financially confident, think about rewarding yourself with travel.

Just because you aren't saving or investing money by traveling doesn't mean it's not worth it. A once-in-a-lifetime vacation can be an excellent reminder of why saving is important in the first place!

Pay It Forward

In times like these, helping each other is more important than ever. Consider donating your tax refund to an organization in your community that speaks to you.

At Apple, we are dedicated to bettering our community. Your refund could turn into a charitable contribution (and a deductible on next year's federal tax return if you itemize deductions.)

By carefully considering how to use your refund in advance, you can take steps to build a better financial future.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.