Build savings, pay off debt, and invest in your future
A tax refund is like a bonus round in your financial journey—a chance to get ahead, stress less, and build something great.
Instead of watching it vanish on things you won’t remember next month, let’s put it to work in ways your future self will thank you for! A little planning now can lead to big rewards down the road.
And here’s a bonus just for Community Choice members—exclusive discounts on tax prep services to help you keep more of your hard-earned money. Let’s make this refund count!
Build an Emergency Fund
Life is full of surprises, and not all of them are pleasant. Establishing or bolstering an emergency fund can provide a financial cushion for unexpected expenses, such as medical emergencies or car repairs. Aim to save enough to cover three to six months of living expenses.
At Community Choice Credit Union, our Choice Savings account offers no minimum balance requirements and no monthly fees, making it an ideal place to grow your emergency fund.
Plus, with our Targets tool, you can easily set and track your savings goals.
Pay Down High-Interest Debt
High-interest debts, like credit card balances, can drain your finances over time. Using your tax refund to reduce or eliminate these debts can save you money on interest payments and improve your financial health.
Consider transferring your high-interest credit card balances to a Community Choice Mastercard®, which offers no annual fees, competitive rates, and no-fee balance transfers.
This can help you manage your debt more effectively and save on interest.
Contribute to Retirement Accounts
Investing in your future is always a smart move. Consider adding your refund to a Roth IRA or 401(k)—it’s like planting a seed today that grows into a sturdy tree for your retirement years.
Not only do these contributions grow over time with compound interest, but choosing the right account can also help you manage taxes in retirement.
A Roth IRA, for example, lets your money grow tax-free, meaning you won’t owe taxes on withdrawals later. A traditional 401(k), on the other hand, gives you tax benefits now while you’re working, with taxes due when you take the money out in retirement. The right choice depends on your income, tax bracket, and long-term goals.
Not sure which path to take? Community Choice offers investment services to help you navigate your options. Our financial advisors are here to guide you in making informed decisions so you can retire with confidence. Let’s grow your future together!
Invest in Yourself
Your tax refund could be the perfect little boost to help you grow in your career. Investing in your education is one of the best ways to open new doors, build confidence, and take your skills to the next level.
Whether it’s learning something new or strengthening what you already know, the right knowledge and support can help you get ahead. Plus, with the Lifetime Learning Credit, you could get a tax break next year just for investing in your education today!
Make Home Improvements
Enhancing your living space can increase your home’s value and improve your quality of life. Focus on projects that offer a good return on investment, such as energy-efficient upgrades or minor kitchen and bathroom remodels.
If you’re considering financing your home improvements, Community Choice offers a unique Renovation Loan powered by RenoFi, the only home equity loan based on After Renovation Value. No pre-payment penalty. No refinancing required.
Start or Grow a Business
If you’ve been considering entrepreneurship, your tax refund could serve as seed money to start a new venture or expand an existing one. Investing in your business can lead to long-term financial rewards.
We offer a range of business banking services, including business checking accounts, loans, and credit cards, to support your entrepreneurial journey.
Donate to Charity
Giving back to the community not only helps those in need but can also provide you with a sense of fulfillment. Plus, charitable donations may be tax-deductible, offering potential tax benefits.
Community Choice is committed to supporting our community through various initiatives.
Consider contributing to our Foundation or participating in volunteer opportunities to make a positive impact.
Save for a Major Purchase
Planning a significant expense, like buying a car or taking a vacation? Allocating your tax refund towards these goals can reduce the need for financing, saving you interest costs down the line.
Our Choice Savings account with the Targets tool allows you to set aside funds for specific goals, making it easier to save for your next big purchase.