Although I am a licensed attorney, I do not practice law. Yet, I combine my passion for personal finances by helping people as a licensed registered investment advisor and providing holistic wealth advising for goal-oriented individuals. This blog aligns with my passion for sharing my knowledge with goal-driven individuals looking to enhance their financial literacy and amplify their wealth. Welcome!
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Are you wondering what you can do with your tax refund?
Above all, pausing and saving is the best thing you can do when receiving a tax refund. Also, setting your money aside and determining the best place for it will help ensure you have it when needed. Besides, it allows you to avoid spending it on things you don’t need and financial regrets.
Now is one of the best times to get advice from your financial advisor and review your financial plan. No matter the size of your tax return, consider all the possibilities of what you can do with your tax refund.
Saving in and of itself can help you build a solid financial foundation. And indeed, with a stronger foundation, you can better control your finances, having money available when you need it mos
So, what can you do with your tax refund when you receive it? Here are some tips:
A FDIC-insured high-yield savings account is a bank account that allows you to earn more interest than most bank accounts. These accounts allow your money to grow over time, keeping the money pretty liquid, and are not subject to market volatility.
Whether or not clients express concerns about moving their money, recent bank failures are top of mind for everyone. Although my clients have yet to express this concern, this is a great time to reach out to clients and discuss the importance of where your clients keep their cash. Often money is making less than 1% interest, yet high-yielding saving accounts yield upwards of 4%. While discussing the best place for their money, besides considering investing it, earning more interest, or eliminating debt, I mention FDIC coverage rather than wonder if they are concerned about it. I explain that depositing their money in an account with an FDIC-insured bank provides automatic deposit insurance coverage for up to $250,000, protecting it in the event of bank failure. Higher net-worth clients with trust accounts will also appreciate conversations about the impact of the FDIC’s new deposit regulations amendment effective April 1, 2024.Alissa Krasner Maizes, Founder of Amplify My Wealth
Think Advisor, 11 Tips for Helping Clients Worried About Their Cash: Advisors’ Advice By Dinah Wisenberg Brin, April 2, 2023
2. Goalsetting And Your Money
While pausing, your money can grow in your high-yield savings account, and you can set your goals and assign a dollar amount to each goal.
Maybe you want to
Ensure each goal aligns with your values and set attainable steps to get there.
Grab The Ultimate FREE Goalsetting Tools: Amplify My Wealth Guide To Living The Life You Want & Access The Calculator Too!
3. Automate Savings For Your Goals
Automating regular transfers into high-yield savings accounts for each goal will help you reach your goals sooner. Consider all your goals together. Your time horizon to attain your goals may overlap, and take a little tweaking to get it right. Then, once your individualized financial plan is complete, set up your automated transfers. Regular automation whenever you get paid or once every month likely makes the most sense. By making saving a habit, you’ll be more likely to stick with it and reach your goals.
Celebrate all your financial wins! Saving your tax refund is an empowering, financially responsible thing, building a solid financial foundation for your future.
There are many things you can do with your tax refund. Here are a few options:
Of course, you should celebrate when you receive your tax refund. However, pausing and determining the best for you can result in an even “bigger celebration.” Instead, the best thing for you depends on your finances, values, goals, and the life you want. No matter what, empowering yourself with your finances will give you a return on investment of greater financial confidence and choices.