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Are you expecting a tax refund? Make it count!

If you’re expecting a tax refund, you could put that extra cash to work to reach your financial goals.

Your tax refund could help you reach your financial fitness goals.

For many of us, the New Year was a time for making resolutions—many of them financial. But it doesn’t take long to slip back into old habits and find yourself delaying saving, adding to credit-card balances, or generally fudging on your budget.

If you’re expecting a tax refund, you have a great opportunity to change the equation. That extra cash windfall doesn’t come along often, so think of some ways you can put it to work to reach your financial goals. Here are some ideas to get you started.

Retire some debt

If you’re trying to reduce your debt load, look for one debt you can eliminate altogether with your refund. Make it go away, and celebrate!

Then, use the amount you’ve been budgeting for that monthly payment and apply it to your next debt. It’s called the debt snowball (financial guru Dave Ramsey swears by it), and it’s a great way to get debt-free quickly.

Extra step: If you want to consolidate or refinance your remaining debt, check out our consolidation calculator, or apply now for a Mid Oregon debt-consolidation loan.

Get some breathing room

Are you ready to start a new monthly budget? Get off the credit card merry-go-round and use this infusion of cash to build a “cushion” into your checking account. Subtract your cushion amount from your check register or budget tracking software. Use this new amount as your working checking balance. Then, you’ll never have to rely on courtesy pay or your line of credit if you accidentally overdraw your account. Resolve to pay cash for necessities, and you’ll find your financial picture will improve dramatically!

Extra step: Register for our free “Build a Basic Budget: The Five Step Spending Plan” workshop, scheduled for February 27 at Mid Oregon’s East Bend Branch. Call 541-382-1795 or email us to reserve your seat!

Jump-start your dreams

Goals are just dreams with a deadline. Make your financial dreams closer to becoming reality by taking the first step right now! Use your tax refund as the initial deposit on your new Saver’s Club Certificate or Save to Win account. Add a small amount each month after that, and voilà—you just started your very own emergency fund, vacation account, or down payment for your first home!

Need more ideas?

One of the benefits of being a member-owned financial cooperative is that when our members do better, so do we. So we want to help you get financially fit! If you need more ideas, just give us a call at 541-382-1795, stop by your nearest branch, or browse the website.