Smart financial advice from local experts. Dollar & #ense 6 Ways to Make the Most of Your Tax Refund By Wes Stripling, Firs National Bank & Inst Community Bank President last year, more than 100 milion Americans received an average tan refund of S2,869 deposted back in their bank accounts after filing their taes. As milions of Americans await reimbursement from Uncle Sam, bere are sia tips for making the most of their tax efund. 1. Create a safety net. Too man people do not have enongh money in savings to coner a5400 emergency. Your ta refund can be used for a dedicated emengency fund that wil cover you in a crunch. Idealy, it shold hold about threetosk moeths of living expenses in case ol sadden fisancial handslips like kosing your kob or hning to replace your car. 2. Pay down debts. Dedicate some ol your tax refund to kowering any existing debt, such as credit card debe. Pay downenisting balances either by chipping away at kans with the highest interest rates or by eliminating smaler debe first. Nou can also make an extra payment on your mortgage or student kans each year to save money on interest while educing the term of your loans. 3. Save for your child's edacation or future health expenses. Look into opening a tavadantaged 529 education savings plan to ensure schol expenses wil be coered when your child reaches college age. Or save for fature bedth espenses with tanlree dollars by imesting in a HedthSnings Acount. 4. Grow your money with bonds, Imest safly with US. saings bonts or municipal bonds. The US. Treasany allows for saings bonds to be perchased using your tax refund for as litle as $50. Savings bonds earn interest for a mainumof 30 years. 5. Make home improvements. Use your refund to imest in home improvements that will pay you back in the kong ran by increasing the valae of your home. This can indade small, ost-effective upgrades ikeenergyelficient appliances that will pay offin both the short and kong term, especialyif they qualiy for tax credits. f you have more sutstantial rewatikns in mind, your bankcan help with a home equity ine f credit. 6. Donate to Charity. The benefit is twofokt: Ghing to charity wil make a diferencein your community, and you can akoclaim the tan deduction, if you itemine. file as soon as you can get your tan documents in order to receve your refund more quick y and, most importanty, to prevent frandsters from daiming your refund before you do. Using your tan refund wisely can bokster your financial seoarity, and haing a plan in place befare you recehe your refand will reduce the temptation to spend that money on things you really don't need. Your tax refund can position you to hande financial emergencies and ghe you a jumpstart on achieving your goaks, whether its paying off cedit cand debt a saing for a dowa payment on the home of your dreams, First National Bank & Trust Growing Roots in Our Community 3805 10th St. Menominee 906.863.7861 fnbimk.com FDIC Smart financial advice from local experts. Dollar & #ense 6 Ways to Make the Most of Your Tax Refund By Wes Stripling, Firs National Bank & Inst Community Bank President last year, more than 100 milion Americans received an average tan refund of S2,869 deposted back in their bank accounts after filing their taes. As milions of Americans await reimbursement from Uncle Sam, bere are sia tips for making the most of their tax efund. 1. Create a safety net. Too man people do not have enongh money in savings to coner a5400 emergency. Your ta refund can be used for a dedicated emengency fund that wil cover you in a crunch. Idealy, it shold hold about threetosk moeths of living expenses in case ol sadden fisancial handslips like kosing your kob or hning to replace your car. 2. Pay down debts. Dedicate some ol your tax refund to kowering any existing debt, such as credit card debe. Pay downenisting balances either by chipping away at kans with the highest interest rates or by eliminating smaler debe first. Nou can also make an extra payment on your mortgage or student kans each year to save money on interest while educing the term of your loans. 3. Save for your child's edacation or future health expenses. Look into opening a tavadantaged 529 education savings plan to ensure schol expenses wil be coered when your child reaches college age. Or save for fature bedth espenses with tanlree dollars by imesting in a HedthSnings Acount. 4. Grow your money with bonds, Imest safly with US. saings bonts or municipal bonds. The US. Treasany allows for saings bonds to be perchased using your tax refund for as litle as $50. Savings bonds earn interest for a mainumof 30 years. 5. Make home improvements. Use your refund to imest in home improvements that will pay you back in the kong ran by increasing the valae of your home. This can indade small, ost-effective upgrades ikeenergyelficient appliances that will pay offin both the short and kong term, especialyif they qualiy for tax credits. f you have more sutstantial rewatikns in mind, your bankcan help with a home equity ine f credit. 6. Donate to Charity. The benefit is twofokt: Ghing to charity wil make a diferencein your community, and you can akoclaim the tan deduction, if you itemine. file as soon as you can get your tan documents in order to receve your refund more quick y and, most importanty, to prevent frandsters from daiming your refund before you do. Using your tan refund wisely can bokster your financial seoarity, and haing a plan in place befare you recehe your refand will reduce the temptation to spend that money on things you really don't need. Your tax refund can position you to hande financial emergencies and ghe you a jumpstart on achieving your goaks, whether its paying off cedit cand debt a saing for a dowa payment on the home of your dreams, First National Bank & Trust Growing Roots in Our Community 3805 10th St. Menominee 906.863.7861 fnbimk.com FDIC