What Ohioans Plan to Do with Their Tax Refunds

FOR IMMEDIATE RELEASE

What Ohioans Plan To Do With Their Tax Refunds
How to get the most out of your tax refund

Columbus, Ohio (Feb. 6, 2015) What would you do if you received an extra paycheck this month? For Ohioans lucky enough to receive one, a tax refund can be exactly that. With 49.2 percent of individuals in Ohio getting about the same or larger returns this year than last, many depleted “rainy day” fund and empty vacation jars will be replenished.

The majority of Ohioans (53.2 percent) expecting a refund will use the money to pay down existing debt, according to the Ohio Credit Union League’s 2015 Consumer Survey. Meanwhile 46.8 percent will invest in a savings program. Only 4.6 percent are planning to make a major purchase, and a very small percentage will use it start a new business.

With many deciding to save and pay down debt, where do you start?

·  Replenish “rainy day” funds. Putting money aside helps manage the unimaginable. Building up a “rainy day” savings account allows for a little cushion when things such as car repairs or home maintenance projects arise.

·  Pay the high-interest balance first. Before you make a large payment on a credit card or loan balance, look to see which has the highest interest rate and will give you the greatest relief to your monthly expenses/payments.

·  Invest in your future. Putting additional funds in your retirement account can have long term benefits.

·  Invest in the next six months. Certificates of deposit aren’t yielding much return these days, but are still a safe short-term investment with a moderate interest rate and guaranteed return.

·  Look to a credit union for help. Credit unions offer many avenues to help people invest in their future well-being. Most offer long and short investment options, as well as several savings programs to help you watch your money grow.

To learn more about how a credit union can help you or to find a one in your area, visit www.aSmarterChoice.org.

-30-

The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 330 credit unions. Credit unions are not-for-profit financial institutions owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to 2.78 million members. To learn more, visit www.aSmarterChoice.org.