When your tax refund arrives from Uncle Sam, it can be tempting to spend it immediately.
But there are ways that you can use your refund to your advantage.
1. Build Your Emergency Fund
If your emergency fund is low, consider using your tax refund to beef it up. Most experts
recommend having at least three to six months of expenses saved.1 But over half of Americans have less than three months in emergency savings, while a quarter doesn’t have an emergency fund at all.2 A normal savings account can suffice for keeping your emergency savings safe, but a certificate of deposit (CD) can also be a good option if you’re searching for a higher interest rate savings vehicle and don’t need the money prior to the CD’s maturity date. Read more
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Registered Principal, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer. Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge is not affiliated with Doubleday. Cambridge does not provide tax advice.
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