Tips to Get the Most Value from Your Tax Refund

Tax time is one of the few opportunities when low-income households receive a sizable amount of money – especially if they take advantage of the earned-income tax credit. While it may be tempting to spend that money on wants vs. needs, saving your tax refund can protect you from needing to turn to payday loans or high-cost credit later in the year, and can serve as the foundation to grow your savings.

Use your refund for some much needed debt relief. Pay off your credit card balance. Alternatively, you can apply your refund toward other debts, like a car loan or a home equity loan.

Why not give yourself an even bigger return on your tax refund by putting the money into a share or savings account? 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.

Tips to Get the Most Value from Your Tax Refund

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.

This year, instead of taking your refund as one check or direct deposit, use IRS Form 8888 to “split” your refund. All you need is your savings account information OR you can decide to order a U.S. Savings Bond for yourself or someone else (no account information needed!). Learn more at

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.

Recent Posts

  • Don’t Get Grinched — Avoid Holiday Fraud Schemes
  • Your Medicare Plan Needs an Annual Checkup
  • Find the Perfect Home Loan
  • New Currency, New Scams
  • Prepping Your Finances for Hurricane Season
  • Child Tax Credit 2021 – What changed and how will that impact me?
  • Preventing Elder Financial Abuse
  • Gift Cards — A Scammer’s Best Friend
  • Should I Refinance My Mortgage?

1 Auto Loan Rates as low as 2.99% APR for up to 66 months. Maximum loan term will depend on the age of collateral and/or the size of the loan. The actual APR may vary based on the applicant’s credit history. Add 1% APR for used and refinanced vehicles with over 75,000 miles. 2 Account opening is subject to approval. 3 Rates and terms are based on individual credit worthiness. Rates are subject to change without prior notice. 4 Rates are subject to change after the account is opened. APY=Annual Percentage Yield. Fees may reduce earnings. 5 Rates and yields are subject to change each Friday.

†Maximum Anything+ loan term will depend on the size of the loan. Terms from 12 to 60 months. APR = Annual Percentage Rate. Rate range from as low as 9.90% APR up to % maximum APR. All loans subject to credit approval. The rate will not increase while the plan is open. Refinancing of existing credit union loans do not qualify. Cannot be combined with any other offer. Credit Union Membership required with a $5 minimum deposit. Some restrictions may apply. Rates and terms are subject to change. The payment on a $10,000 loan would be $211 per month. Monthly payment is based per $1,000 at a non-variable interest rate of 9 paydayloansohio.net/cities/delaware/.90% APR with a 60 month term. This equates to $11, over the life of the loan.

Gulf Winds uses third-party websites for services such as online banking and online applications to open a new account or loan. When you click a link to access these services, you will leave and be taken to the third-party website.

If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at .