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5 Smart Ways to Invest Your Tax Refund

If you’re among the millions of Americans who received a tax refund this year, have you thought about what you’re going to do with that extra money? Before you opt for the big screen television or pricey new outfits to fill your closet, consider investing that money instead of wasting it. Here are 5 ways you can:

Build a nest egg. While putting more money in your savings account may not sound like an investment, any time you can avoid using credit cards in emergencies, you’re saving money. Financial planners recommend that you have at least three months of funds to cover expenses in case you lose your income. Calculate what you need for such fixed expenses as rent, utilities, insurance and food and put your refund in an interest-bearing account.

Pay off your credit cards. Credit cards are best used when you pay off the full amount each month, but if you do have a balance, take that refund and pay it off! The high interest rates attached to most credit cards can cost you a small fortune over time. Money you don’t spend on interest is money in your pocket.

Make a payment toward your student loan. Did you know that you can make bulk payments toward your student loan that can save you a lot of money over time? Just like credit cards and other loans, interest is added to the money you borrowed for your school loans. Any time you can pay money toward the principle—the original amount borrowed—you reduce the amount of interest you’ll pay over time.

Invest in maintenance. Whether it’s your home or your car, fixing small problems before they become big ones can save you lots of money. Ignoring leaky faucets can cause permanent damage to plumbing, sinks and tubs that will cost you more than a simple repair. And those squeaky brakes in your car will not only lead to more expensive problems; if they fail, you’re putting your life in jeopardy.

Invest in you! If you want to advance your career and your long-term earning potential, there’s no better investment you can make than in your education. According to the U.S. Bureau of Labor Statistics, you can advance both your median wage and your likelihood of employment when you attain higher education.1

At Charter College, we believe the best investment you can make in your future is in your education. Check out our career-focused programs in accounting, business, criminal justice, healthcare, hospitality, information technology, paralegal studies, veterinary assistance, and the trades. If you’re ready to change your life, invest in you. Start here.

1http://www.bls.gov/emp/ep_chart_001.htm