Pay Off Credit Card Debt. If you have a balance charging 18% interest rate, it is like earning 18% on your savings.
Rebuild Your Emergency Fund. This could help you from landing in credit card debt when an emergency arises.
Boost Retirement Savings. You can add up to $5,500 to your IRA (ROTH or traditional-restrictions apply) or $6,500 if you are 50 or older.
Fund a Taxable Account. If you have your emergency fund replenished and your retirement savings maxed, use the extra cash to purchase investments at risk.
Fill Gaps in Your Insurance. Review your home and auto insurances with a broker. Is an umbrella policy right for you? Trim your trees to protect against damage. Do wild fire mitigation.
Build College Savings. Is a 529 plan right for you?
Help Your Kid Save. Did your child/grandchild earn money from mowing yards or baby sitting or a summer job? Your child/grandchild can contribute up to $5,500 or the amount of his or her earned income for the year, whichever is lower, and you can give him the cash to do it. (I suggest doing a ROTH and it will grow tax deferred and come out tax free!)
Prepay Your Vacation. Set aside some money rather than using your credit card.
Invest in Your Home. It can pay for smaller home improvements such as install a storm door, replace a window, update your lighting, update your cabinets.
Give to Others. If you have your financial bases covered, consider using your refund to make a charitable contribution to help others in need.
Did one of these ideas resonate with you? Let’s talk!
Pat Frederiksen
Schedule your Complimentary Consultation here
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Every woman should get to live the retirement they want!
$marter Women Colorado™
is dedicated to empowering Colorado women to achieve financial freedom.
Investment Adviser Representative of and investment advisory services offered through Royal Fund Management, LLC, a SEC Registered Investment Adviser.
