First Bank of the Lake: 5 Smart Ideas for Your Tax Return Money

Woohoo! You just got your tax refund check back and it is a GOOD chunk of change. Now what? You are tempted to splurge on that luxurious summer vacation or pay that down payment on that new car you have been eyeing. Before you decide to spend that money, think about this, there could be some better things you can do with that money.

There are several things you can do with your tax return money they may be better for you or your future. Our bank at the Lake of the Ozarks is here to give you a few smart ideas for your tax return money. If you'd like to put your tax return money into a new savings account at the Lake of the Ozarks, call First Bank of the Lake at 573-348-2265.

5 Smart Ideas for Your Tax Return Money

Make a large payment toward your student loan debt.
So many former college students graduate with a "mountain" of debt. Take this opportunity to make a large step toward paying your student loan debt off. Just think the closer you get to paying that debt off, the sooner you won't have to worry about it and have it weighing on you anymore.

Start an emergency account if you haven't already.
Emergency accounts are always a good idea, whether you own a home and you need the money for an urgent repair or you have a child who is sick and you get a hefty hospital bill for, having money for things you can't foresee can give you peace of mind.

Put it into savings.
Are you tired of feeling like you have no "financial cushion"? If so, then put a stop to it and put this money away into your savings account. If you don't have a savings account, then visit your local community bank at the Lake of the Ozarks and start a savings account that actually rewards you for banking locally.

Consider investing in an IRA.
IRA stands for "Individual Retirement Account," and it is a tax-advantaged way for you to save money for your retirement. This tax refund check could be your perfect opportunity to start planning for your retirement. The earlier you start the better!

Put it into a CD.
Certificates of Deposit (CDs) are common savings products also known as "time deposits". CDs are typically offered in terms of 3 months, 6 months, 1 year, 2 years, 3 years, or greater. In exchange for locking away a consumer’s cash for a specific time period, CDs typically offer higher yields than a regular savings account. This could be a great opportunity for you to really save some money, especially since you aren't allowed to touch it for an extended period of time.

Bank locally with an experienced bank in Osage Beach and get rewarded for growing your economy. First Bank of the Lake is filled with employees that care about this community. We are your neighbors. We have great relationships with our customers and we strive to offer the very best customer service to each and every one of them. For more information, please visit our website at www.FirstBankLake.com.

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