Studies show that over 70% of Americans get a tax return each year. Those tax returns on average are about $3000 which can have a big impact on the financial comfort for many households. So much so, that many people look forward to getting that return each year. Have you ever thought about how you can help your tax return grow into more money though? Mark Dicus & Company is here to share some tips to help you grow your tax return.
Using Tax Return to Pay Off Student Loads & Other Debt
One of the best ways to see your tax return continue to grow is to pay off any debts. If you have any high interest credit card debt, paying off those cards can be a big pay off in the long run. Many people only pay their minimum amount owed and end up paying way more for their belongings than they should. Once these debts are paid off, you can put that money in your pocket each month rather than paying a creditor.
Put Tax Refund Money in a Certificate of Deposit (CD)
For people that are trying to save up for a large purchase like a home or some property, putting your money in a certificate of deposit or a CD can be a great way to watch your tax return grow. This is a very low risk way to build up your money if you know you aren’t going to need the money for a few years.
Invest in a New Skill with Tax Return
Many of us are finding that we are spending way more time at home that we are used to. This means that you now have the time and with a tax return, the money, to learn a new skill or beef up your resume. There are online certifications that you can do to give you experience with new programs and other skills. Who knows what is going to happen with the job market in the near future; this is a great time to make yourself more marketable in the case that you find yourself looking for a new job.
Open a High Interest Savings Account
This is a good time to shop around for a bank that will give you the best deal on a high interest savings account. You can literally watch your money grow without doing anything other than opening the account and making the deposit. That’s what we call easy money.
Invest in U.S. Stock Market
Right now the market isn’t looking great, and that’s no secret. However, if you look at the market over long stretches of time, they go up and then down and then up again. Over history, money will grow no matter what the market may be doing in that moment. The cost of stocks are low right now too, which make this a more feasible option for many.