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Did You Know? May 2023

by Stacy Wise | May 17, 2023

3 smart things to do with your tax return

3 Smart Things To Do With Your Tax Refund


Written by Andrea Klinedinst, Compliance Assistant


Tax Season can be a headache, but for some people, it can also be something to look forward to because of tax refunds. The prospect of getting money from your tax refund can be exciting, and there are so many options for how you can spend it. Here are 3 smart things to do with your tax refund.


  1. Save for the future – Saving your tax refund for future large purchases or life goals is a smart way to use your tax refund. You can start, or continue, saving for future life event funds like retirement, emergencies, or college.
  2. Reduce your debts – Using your tax refund to pay down your debts can help you on your way to being debt free. Instead of making another big purchase, you could apply a tax refund to your credit cards or loans.
  3. Make home improvements – Do you need new windows or a new roof? You can use the extra money to fix or improve things around your house. You could even put it toward purchases that will make your house more energy efficient to save money in other ways.


These are just 3 smart ways you can use your tax refund. The MyLife Personal Financial Management Tool through MNB Online Banking can help you to budget and meet your goals. You could see where you could best use your tax refund by entering that information into the program.


When you see your tax refund in your bank account or receive your refund check, consider using one of these 3 ways to help you become more financially secure.


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