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What to do with your tax return

Eric SchwartzDid you receive a tax refund this year? If so, here are six financially smart ways to spend your tax refund:

1. Pay off any high interest debt. Use our credit card pay off calculator to see what it will take to pay off your balance.

2. Add to your retirement savings. Add to your current retirement savings plan or open an IRA (Roth or traditional). Unsure which one? Use this tool to determine which IRA may be right for you.

3. Start saving. Open an Edvest or other 529 college savings plan for your kids or grandkids. Build up your emergency fund. Start a money market account with a higher interest rate to save for a vacation, a new car, or home remodel. Whatever your goal, you’ll feel better knowing you have a head start on your savings. Our savings calculator can help you find out what it will take to reach your goal.

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2014 Guaranteed Rateyour$ magazine spring 2014