Here’s What to Do with Your Tax Refund in 2022

A tax refund isn’t just a cash lump sum you receive at the end of the year. Nor is it found money or simple good fortune. It’s an opportunity. 

As tempting as it is to spend this financial windfall on new clothes, gizmos, and gadgets, the wiser approach is to make the money work for you. 

If you’re wondering what to do with your tax refund this year in 2022, here are five ideas that make sound financial sense. 

Build an Emergency Fund

Putting some or all of the money from your tax refund into a high-yield savings account will cover your back in the event of future rainy days and unexpected expenses. 

Reduce Debt

With a sizeable emergency fund already in place, another sage use for a tax refund is to pay off high-interest debt (e.g., credit card debt). 

Invest

A natural shield against inflation, you’ll harness the power of compounding interest and watch your net worth grow year-over-year. 

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