Tax Refund and Tax Rebate – What’s one to do with it?

This is tax season and if you are getting a return you most likely already filed but if you have to pay, you’re waiting until April 15th.  But either way you have a good chance of getting a refund or rebate within the next few months.   What will you do with your rebate?  Will you blow it on something that would be nice to have?  Will you spend it for a necessity?  Will you reduce your debts?  Or will you save it and let it grow?   The purpose of credit unions since inception – has been to promote thrift through systematic savings and provide loans to members at reasonable rates.  With this in mind, my thought is you should save the rebate.  Deposit it in a credit union savings account of your choice be it a money market account, a share certificate account, a Christmas club account or an IRA account.    As a society, we tend to spend most, if not all of our money and when a need arises for money, we know we can borrow in one of many ways.  Borrowing should be a last resort and not the first choice.   I have always been told to pay myself first, by putting a part of my pay into a savings account every payday.  Why not give your savings a jump-start by putting your refund and/or rebate check into a savings account and then adding to it every payday.  Starting a saving program is not easy – but once you commit to it, you will find out it becomes a habit.  You might miss it the first several paydays but as the habit develops you will find it easy to live day to day without it.   The big reward for creating a savings habit comes later.  When you need to make a major purchase, you’ll have the cash to do so without borrowing.   Think about it.  Savings will help with your financial security.  Your credit union can help you set up a saving program that will fit your needs.  Call them today. Credit unions are member owned financial cooperatives.  The more members use their credit union, the more all members benefit.   

My rebates worth,



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