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Smart ways to spend that tax refund

April 5, 2018 GMT

(SPM Wire) — Anyone expecting a refund this year on their tax filings? Here are three smart ways to use that cash influx.

Save it

Whether funneling the money into a retirement fund, a college savings account or setting it aside for a rainy day, it is always smart to turn a tax refund into savings.

Pay down debt

Before dreaming of taking the tax refund on that next shopping spree, review the balance on all credit cards, student loans or other outstanding debt commitments and consider using the boon to pay down some of these IOUs.

Invest it

Use the refund as an opportunity to save money down the line with a home upgrade, like an energy-efficient washing machine or a programmable thermostat.

This year, don’t squander the tax refund. Instead, use this money to improve personal financial circumstances for the long-run.