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Clever ways to consider using your tax refund

Many of us are due to receive our tax refunds in the coming months. While some see it as ‘fun money’; with some planning, you can use it to your advantage.

Pay off debt – Whether it’s a credit card, a personal loan, store cards or a mortgage. This is a great chance to make a lump sum payment and clear some of your debt.

Home Loan or Offset – If you don’t need the money immediately, consider storing it in an offset account, or in your loan if you can redraw. It means less interest on your home loan, and an opportunity to pay it off a little faster.

Add to your Superannuation – Making after-tax contributions is a simple way to add to your super and can really boost your superannuation savings. However, with anything involving superannuation it’s very important to seek professional advice.

Add to your emergency fund – Having some savings in case the unexpected happens can reduce financial stress. You could look into a higher interest savings account or term deposit, or even using an offset account to keep the funds in.

Spend it locally and support a small business – If you are going to spend the money, perhaps spend it on a local business. Support those that have been doing it tough throughout the pandemic.

Everyone’s financial situation is unique, however whether you are due a large or small tax refund, give it a little forethought, and you can make sure it’s used in a beneficial way. If you’re keen to chat, and get the right advice, contact us today.

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