April 15th is almost here!
April 15th is a day most adult Americans will never forget. It’s our tax due date. This year, with the 15th on a Saturday, we have until April 18th to file our taxes.
Have you filed? If so, did you get a refund, or do you expect one? If so, here are some suggestions on how you can make that refund work the best for you.*
Start or Increase Your Emergency Fund
Without an emergency fund, one surprise, major expense can put you in crippling debt, so it’s important to have some money put away. You can check out the Financial Resource Center (FRC) for tips and best practices to effectively start a fund. Mid Oregon has great savings options to help you build your fund as well.
Pay Off High-Interest Debt
Reduce or eliminate any high-interest debt that you’re carrying. You can check out these financial calculators to see what it takes to pay off your credit card debt, or read about ways to help pay off your debt and solve credit problems—all in the Financial Resource Center! Mid Oregon might have an lower cost financing option to take care of whatever remains.
Spend It on Something You Need
Are you having car trouble? Do you need a sofa? Have you put off important dental work? When you’re ready to spend, swing into the FRC for shopping ideas or tips on how to make big purchases without blowing the budget.
Refinance Your Mortgage or Make Home Improvements
When you refinance your mortgage, you must still pay closing costs and fees. This year, use your tax refund to pay for the closing costs, and your refinanced mortgage could save you thousands of dollars per year. Plus, making improvements and additions can really add value to your home in the long run. Check the Financial Resource Center to find out how much you can save by refinancing! Home loans are also offered by Mid Oregon, along with our strategic partner Arbor Mortgage Group.
Invest in a Tax-Sheltered Account
Depending on your income level, goals, age and whether you have already fully funded your tax-sheltered accounts, using your tax refund to get a head start on Roth IRA contributions or 529 college savings plan contributions can be a great move. The FRC has the essential information to help you take the right steps with your investment decisions and savings planning! Our Mid Oregon Financial Services Advisor can give you local and personal service, and Mid Oregon offers IRA accounts as well.
Get a New Business Up and Running
Have you been looking to finally start that venture you’ve always dreamed of? We’re here to help! Use the FRC small business services center as a resource to start, grow and manage your business. It’s a great opportunity to turn your refund into income for years to come and score a few more tax deductions next year. Mid Oregon Commercial Services has great business account and financing resources to help you with your business, too.
*Thanks to Love My Credit Union Rewards and CU Solutions Group for their April Newsletter article used above.