Here’s What to Do with Your Tax Refund in 2022

From saving and investing to paying down debt, when it’s spent sensibly, a tax refund can improve your financial situation and help bridge the gap between you and your long-term monetary goals.

But, of course, the tricky part is knowing where to allocate the funds!

Build an Emergency Fund

Putting some or all of the money from your tax refund into a high-yield savings account for your emergency fund will cover your back in the event of future rainy days.

Reduce Debt

With a sizeable emergency fund already in place, another sage use for a tax refund is to pay off high-interest debt (e.g., credit card debt).

A natural shield against inflation, you’ll harness the power of compounding interest and watch your net worth grow year-over-year.


Personal Development

Sometimes referred to as your “human capital,” any skills, knowledge, or experience you gain can pay significant dividends down the line.

A wise use of your tax refund could be to make essential property repairs, invest in its upkeep, or pay for desirable additions and alterations.

Property Repairs and Replacements

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