Make The Most Of Your Tax Refund

Tax refunds can easily feel like a little bonus, especially after a long year of hard work and tight budgets. The temptation is real to spend it on frivolous things, and yet, deep down, we know there are probably better ways to use it. Which option is right for you? Before you jump to a decision, here are some ideas to consider.

Pay Bills.
Many might consider using their refund on those pesky monthly payments to give their paychecks a break. This is one way to save a bit of money for the month and give yourself a bit of wiggle room to focus on the things that really matter. Having a brief respite from bills of any kind is incredibly helpful, especially if your return is larger than expected. Levo's Bill Pay provides a simple solution for managing your bills and allows you to set up automatic payments effortlessly.

Pay Down Debt.
Are you feeling a bit overwhelmed with credit card payments, student loan debt, or car loan payments? It's totally understandable! If those interest charges and payments are starting to add up, your tax refund could be just the boost you need. Think about using that refund to either pay off your debt completely or at least make a big dent in the balance. This way, you can tackle the remaining amount with more ease. 

Investment In Savings & Retirement.
Another good suggestion would be to put that extra cash into a Savings Account, Certificate, or IRA. You might already have one in place; if not, it's always a good idea to have one regardless of where the funds come from. Savings options are a good stepping stone for the future, a place where you can store the money you don't need right away and collect a larger sum over time. Some use these savings options as a cushion for an emergency, saving up for big life events such as paying for your child's education, buying a house, or retirement. No matter how much your refund is, saving it for a time when you may need it could be more helpful in the long run.

Invest It.
If all the above ideas aren't speaking to you, you can also use your check to invest. It's always a great idea to chat with a financial advisor before diving into any investments, especially with the rise of cryptocurrency scams out there. But don't worry! There are plenty of reliable resources to help you find the best investment options. One such option is Levo's EasyVest, which can really simplify the process for you! It's always good to know what your options are before making any decision, and investments are no different. 

Make Some Home Improvements.
A tax refund can be a wonderful opportunity to give your home a little upgrade! Whether you've been eyeing a new kitchen appliance or considering a renovation, using your refund can really help ease the financial strain, as it's often hard to fit these types of expenses into a monthly budget. What's awesome in doing this is that you will likely boost your home's resale value in the process! Just think about the renovation costs and the potential return on investment–planning wisely can make all the difference. If your refund doesn't quite foot full the bill, consider a home equity loan or line of credit to help get you to your improvement goals.

Treat Yourself!
So, if you're feeling like a financial rockstar, go ahead and splurge a little! When we feel like we've done a lot of things right, maybe you and your tax refund deserve a little adventure -- whether that's a fabulous little getaway, a day out with the kiddos, or snagging that new outfit you've been eyeing. Yes, be responsible, but if you can swing some well-deserved relaxation, go for it–treat yourself! 

Having a plan for your hard-earned money is always a smart move, and your tax refund is no exception. Consider signing up for Levo's direct deposit option with Levo's checking or savings accounts. You will most often receive your return quicker–and who doesn't want that? Happy planning!