NORMAN — The IRS reports that the average tax refund for each taxpayer is approximately $2,800.
Additionally, BankRate said that although this is the biggest chunk of money most taxpayers will see in a year, only 28 percent invest or save their tax return.
“It’s tempting to want to spend tax returns, but make it a goal to save and invest it wisely this year,” said John Symcox, wealth management advisor with First Fidelity Financial Services.
Consider investing tax refunds in more permanent assets like wealth management. Taxpayers should consider saving in assets like investments, insurance policy, general savings, pay off debt or loans, retirement planning and college savings.
Residents are encourated to sit down and determine how much it will take to live comfortably during retirement. Once that amount is determined, set goals and use a tax refund as a kickstart.
Another way to use tax refunds is to protect precious items. Consider putting part of a tax refund into insurance policies. Work with an insurance agent or a financial advisor to discover available insurance options. FFB offers a guaranteed auto protection plan that cancels any outstanding car payments in the event of theft or loss.
Older parents should invest in long-term plans to cover the costs of care beyond health insurance.
Taxpayers should save for future needs. The safest way to make sure a refund is spent wisely is to save it for a time when it’s most needed, like a car or health emergency.
As soon as the refund check comes in the mail, put it into savings or a CD for children. Work with a bank to open or revive a savings account.
FFB offers a variety of savings accounts and CD options to help taxpayers get the most out of their saving.
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