Tax season is everyone’s favorite time of year, as it's very common to rely on your tax return as an additional source of income. But how do you ensure your tax refund is the gift that keeps on giving? By investing it.

Here are some creative ways to invest your tax refund.

Pay Off Your Credit Card Debt

While this may not seem very creative, paying off your credit card debt is one of the first things you should do with your tax return. There is no better way to increase your monthly income than by paying off your credit cards completely, as you’ll get rid of those high monthly interest payments that can be weighing you down.

If your tax return doesn’t cover all of your credit card debt, consider rolling over your remaining debt into a balance credit card with a lower interest rate.

Choose a High-Yield Savings Account

Not all savings accounts are created equally, and a high-yield savings account will help you grow your funds faster than standard accounts. These savings accounts will help to protect your principal balance, while also offering the safety of federal insurance. They are very low risk with a high reward.

Invest In Yourself 

It’s important to consider yourself human capital, so you need to invest in yourself! You are your own largest and most important asset, and your expertise, talent, and experience all work to create value for future employers. So use your tax return to pay for that course, conference, books, and other training materials that can bring you to the next step in your career. Doing so is an investment that will reap many rewards in the future.

Looking for ideas on how to spend your tax refund? Xquisite Tax and Financial Services is here to help you reach your financial goals, so get in touch with us today.