Skip to Content

Branches Closed Monday May 30, 2022

All branch locations will be closed Monday May 30, 2022 in honor of Memorial Day.

Close
Success Bank
  • Chat
  • About Us
  • Contact Us
  • Facebook
  • Search
  • Menu
Personal
  • Forgot Password
    Enroll in Internet Banking
Personal Online Banking Login
  • Personal
    • Online BankingLet's Go
    • Mobile BankingLet's Go
    • Checking AccountsLet's Go
    • Savings AccountsLet's Go
    • Mortgage LendingLet's Go
    • Personal LendingLet's Go
    • CDs & IRAsLet's Go
    • Credit CardLet's Go
    • Debit CardsLet's Go
  • Ag & Business
    • Business Online BankingLet's Go
    • Merchant CaptureLet's Go
    • Commercial LoansLet's Go
    • Agriculture LoansLet's Go
    • Business CheckingLet's Go
    • Business Credit CardsLet's Go
    • Business Debit CardsLet's Go
  • Service Center
    • FAQsLet's Go
    • CalculatorsLet's Go
      • Investment CalculatorLet's Go
      • Future Value CalculatorLet's Go
      • Retirement CalculatorLet's Go
      • Education PlanningLet's Go
      • Loan CalculatorLet's Go
      • Mortgage CalculatorLet's Go
      • Rent Or Buy CalculatorLet's Go
      • Early Mortgage Payoff CalculatorLet's Go
      • Credit Card Payoff CalculatorLet's Go
      • College Savings CalculatorLet's Go
      • Monthly Savings CalculatorLet's Go
      • Car Affordablity CalculatorLet's Go
      • Loan Affordability CalculatorLet's Go
      • Mortgage Qualification CalculatorLet's Go
      • Loan Consolidation CalculatorLet's Go
      • Retirement Longevity CalculatorLet's Go
    • Switch KitLet's Go
    • BlogLet's Go
    • Re-Order ChecksLet's Go
    • Service and Fee ScheduleLet's Go
    • Safe Deposit BoxesLet's Go
    • Keep My Banking PrivateLet's Go
  • Locations & Hours
Home Blog Smart Uses for Your Tax Refund

Smart Uses for Your Tax Refund

  • Aa
  • Aa
  • Aa

Posted On: January 17, 2019 by Success Bank in: Personal Finances

  • 1 Comments
  • Facebook
  • Twitter
  • LinkedIn
  • GooglePlus
  • Pinterest
  • Print Friendly
  • Email

Smart Uses for Your Tax Refund

With the new year well under way, tax season is quickly approaching. According to CNBC, the average Iowan received a tax refund of $2,590 in 2017. While it can be tempting to spend the extra cash on a dream vacation or the latest technology trend, smart planning and self-control can improve your financial situation for the entire year. Here are six ideas to incorporate into your tax refund planning this year:

·       Start an Emergency Fund – According to a report from the Federal Reserve, four in ten Americans can’t afford to pay for an unexpected $400 expense. Allocating a portion of your tax refund to a savings account can ensure you’re prepared for the unexpected in 2019.

·       Pay Down Credit Cards – With the average credit card interest rate being over 16% in 2018, paying down the balance on credit cards can be one of the smartest investments for your tax refund.

·       Prepay Bills – Have monthly payments for auto insurance or rent? Pay ahead to free up extra cash for your budget each month. You could also apply your tax refund towards your mortgage principal balance. This practice repeated each tax season can greatly reduce the time it takes to pay off your mortgage. Ask your mortgage loan officer for more information.

·       Invest in an IRA – If you have not started saving for retirement, now is the time to start. You will thank yourself for making this investment in your future.

·       Invest in Education – Maybe you have always wanted to learn a new skill. Whether it is a college course to further your career or even a cooking class to improve your quality of life, investing in education is a great use for your tax refund.

·       Perform Necessary Maintenance – Even a portion of your tax refund can make significant improvements to your home or vehicle. Investing a portion of your tax refund in vehicle maintenance can help prevent costly repairs in the future. Allocating money to home improvements can help increase the value of your home and improve your quality of life. Both options are a smart long-term investment.

While it’s not wrong to treat yourself with a small portion of your tax refund, planning ahead and making smart decisions with your extra money can put you and your family on the road to long-term financial security. 

Tags: Invest, Pay Down Debt, Savings, Tax Refund

0 comments

Featured Blogs

  • Vacationing on a Budget

  • Categories
  • Recent
  • Archives
  • General
  • Personal Finances
  • Safety and Security
  • Vacationing on a Budget
  • Savings vs. Investing - Part 3
  • Savings vs. Investing - Part 2
  • Savings vs. Investing - Part 1
  • Renting vs Owning a Home
  • How to Prevent Debit Card Fraud
  • Cheers to a Cybersecure Holiday Shopping Season!
  • Banks Never Ask That
  • The Monthly Costs of Homeownership
  • How to Pay Off Student Loans Faster
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • November 2020
  • October 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • March 2019
  • February 2019
  • January 2019
  • July 2018
  • February 2018

Do you ever think to yourself, "I wish my bank could..."?

Well we can, and we're ready to help you! Make the switch to our bank today!

Switch Now
  • Navigation
  • Personal
  • Ag & Business
  • Service Center
  • Locations & Hours
  • Contact Us
  • Policies
  • Terms of Use
  • Patriot Act
  • Privacy Policy
  • Phishing
  • Website Accessibility Notice
  • Sitemap

Our Blog News

  Saving vs. Investing – Part 1 Written by Nathan Woolard Part One of a three-part series Saving and investing tend to be used interchangeably. ...

View more posts from our blog

.BANK Badge
Success Bank

© 2022 Success Bank - All rights reserved.
Financial Site Created and Powered by VGM Forbin

Member FDIC Equal Housing Lender
Back to Top
Close
  • Home
  • Personal
    • Online Banking
    • Mobile Banking
    • Checking Accounts
    • Savings Accounts
    • Mortgage Lending
    • Personal Lending
    • CDs & IRAs
    • Credit Card
    • Debit Cards
    • Back
  • Ag & Business
    • Business Online Banking
    • Merchant Capture
    • Commercial Loans
    • Agriculture Loans
    • Business Checking
    • Business Credit Cards
    • Business Debit Cards
    • Back
  • Service Center
    • FAQs
    • Calculators
      • Investment Calculator
      • Future Value Calculator
      • Retirement Calculator
      • Education Planning
      • Loan Calculator
      • Mortgage Calculator
      • Rent Or Buy Calculator
      • Early Mortgage Payoff Calculator
      • Credit Card Payoff Calculator
      • College Savings Calculator
      • Monthly Savings Calculator
      • Car Affordablity Calculator
      • Loan Affordability Calculator
      • Mortgage Qualification Calculator
      • Loan Consolidation Calculator
      • Retirement Longevity Calculator
      • Back
    • Switch Kit
    • Blog
    • Re-Order Checks
    • Service and Fee Schedule
    • Safe Deposit Boxes
    • Keep My Banking Private
    • Back
  • Locations & Hours
  • Chat
  • Search