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Plus... Work That Refund

If you are expecting an income tax refund, it may make sense to put it to work on behalf of your future. Consider using the money to:

Fund an emergency account. Create an account that covers at least six months of your living expenses. That way, you won’t have to go into debt or tap into retirement savings to pay for unexpected expenses.

Reduce debt. Pay down high-interest debt and give yourself a little more financial flexibility.

Save for college. It’s never too early to plan for your children’s future education expenses. Fund a tax-favored Coverdell Education Savings Account or a Section 529 college savings plan.

Add to your retirement savings. Investing some or all of your tax refund in an account earmarked for your future retirement can be a savvy move.

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