Get More Out of Your Tax Refund - Here's How

Receiving a tax refund can feel like Christmas morning. You feel as though you have this newfound windfall and you cannot wait to spend it on a variety of life’s pleasures. While you should treat yourself, be smart about your purchase. Spend it on something that will keep giving back to you for years to come. Below are a few ways to spend smarter.

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► Put it towards a down payment on a house or car!

If one of your life’s financial goals is to purchase a home, set aside your tax refund each year and you’ll be ready to buy a house sooner than later. If you’re in need of a new ride, your tax refund can help you borrow less, saving you more on interest charges on your loan.

► Save it towards a better future!

It’s never too early or too late to save for retirement. Investing in your future is always a smart financial move. The sooner you start, the better the position you’ll be in when you are ready to retire. Put your tax refund in an IRA Share Certificate of Deposit (like CDs) to help you earn interest income. For seasoned savers, you may be eligible to make IRA catch-up contributions.

► Save it towards your child’s education!

At Viriva, you can open a Coverdell Education Savings Account (ESA) to help you save for your child’s education. Look at it as an essential investment in their future.

► Use it to pay off debts!

If becoming debt-free is your financial goal, using your tax refund to pay off some of your debts is a good start. Viriva can also help you get on the right track. You can consolidate a good chunk or all of your monthly obligations into a low monthly payment to help you pay down debts affordably. Connect with us to learn more.

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Don't Forget! Directly deposit your refund into your Viriva account.

More Tax Time Reminders

List Viriva’s information on your tax return form when you file.

  • Institution Name: Viriva Community Credit Union
  • Address: 157 York Road, Warminster, PA 18974
  • Routing/ABA Number: 236-083-655
  • Your Account number: Printed on your account statement.