What to Do with Your Tax Refund 

From saving and investing to paying down debt, when it’s spent sensibly, a tax refund can improve your financial situation and help bridge the gap between you and your long-term monetary goals.

If you’re wondering what to do with your tax refund this year in 2022, here are five ideas that make sound financial sense.

Build an Emergency Fund

Putting some or all of the money from your tax refund into a high-yield savings account will cover your back in the event of future rainy days and unexpected expenses.

Reduce Debt

The average American has almost $90,500 of debt to repay, and total consumer debt in the US currently sits at $15.6 trillion. If you have a slice of that pie, then your tax refund can be a lifeline that saves you vast sums of money in interest payments over time.


A natural shield against inflation, you’ll harness the power of compounding interest and watch your net worth grow year-over-year. Whether it’s buying stocks or contributing to a retirement account, there’s a wealth of investment opportunities available.

Personal Development

We recommend focusing on two specific areas with your tax refund: paying for special training and expanding your education.

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