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Are You Using Your Tax Return Wisely?

Are you using your tax return wisely

It’s tax time, and many of you have probably heard repetitive messages about using your return for a down payment for a new car or rec vehicle. While this is a good option (if you’re in the market) to pay for a vehicle, try looking at another option for using that return. Everyone knows that saving money is important, but we often just think of saving money as cutting back on shopping, dining out, conserving on your utilities, etc. These are all great things to do, but you could be missing a huge opportunity by neglecting to put your tax return into a long-term savings account. Let’s use some simple math – imagine that you take $500 from your tax returns each year for 35 years and put it away. That’s $17,500. Now imagine putting that contribution into an interest earning account like a Certificate of Deposit or an Individual Retirement Account. That’s a lot of savings you’re missing out on! So this year, reconsider using your tax return for extra spending or just putting it in your checking account and leaving it there. We have competitive rates on long-term saving products, and our staff can help you find the right product for you. Let them know what your goals are! Is it saving for retirement? Is it a wedding, your son or daughter’s wedding? Maybe it’s a special family vacation! All of those things will require a thoughtful savings plan. Let us help! Give us a call at (218) 729-7733 or send us a message by using the form found on the 'Contact Us' page.