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Tax Season is Approaching

How will you spend your tax refund?

September 21, 2016

By: John Etrheim

For some of us (tax preparers) this is a welcomed annual rite of spring. For others (tax filers) the April 15 deadline is a cloud that glooms over our heads until the passing of National Tax Day. Whatever the outlook, the tax refund is the silver lining. All those hours of collecting forms and analyzing data suddenly seem worth it when the big check arrives in our bank accounts!

What will you do with that money? Perhaps a family vacation is in the works. Maybe you want to start a 529 plan and invest in your child's education. Or maybe donating to your favorite charity seems a good way to invest your tax refund money.

According to a study by the National Retail Federation, 38 percent of Americans expecting a refund this year plan to use it to pay down debt, while just 11 percent plan to make a major purchase, such as a car, new furniture, or pricey electronics. The most common answer was simply to save it!

Whatever the goal, it's important to remember to pay yourself back by allocating even the smallest amount to a savings account. After all, Uncle Sam is just sending back your money! So put that refund to good use.

"What are you saving for?"

Take the pledge to save even the smallest portion of your tax refund. Did you know that saving is easy? It's automatic if you sign up for direct deposit! You can also open or add to wealth building accounts. Great Western Bank's Wealth Management experts are here to help you make the most of your money. Our professionals can help you save money, reduce debt, and build wealth!

 

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