Benjamin Franklin said it best when he proclaimed, “in this world, nothing is certain except death and taxes”. While there is something to be said about paying your fair share, not much takes the sting out of paying taxes. A study by the Pew Research Center in Washington, DC shows that 56% of Americans have a negative reaction to filing their income taxes. While we may not be able to make the process any more enjoyable, the Financial Gurus have a way to save you money when filing your taxes along with some suggestions on how to make the most of that highly anticipated tax refund!
Save on TurboTax through WWFCU
Did you know that being a WWFCU member qualifies you for a discount on TurboTax? You can save up to 20% on TurboTax federal products as a special offer from us to you! To get started, simply follow these steps:
- Go to our website at wwfcu.org.
- Hover over the Member Benefits tab.
- From there, find Credit Union Discounts.
- Select TurboTax from the list.
- Review and choose which product works best for you and Get Started!
We are always looking for ways to thank our members for choosing WWFCU as their trusted financial institution, and this is one way that that we can extend a “thank you” while helping you save money at the same time.
Using Your Tax Refund for a Low-Rate Share Pledge
Loan
Are you thinking of possibly using your tax refund to pay off some debts but hate the idea of parting with all that money for good? A share pledge loan might be the solution for you. A share pledge loan is a loan issued using money held in your account as collateral. Share pledge loans typically come with a very low interest rate due to their low-risk nature. How it works: Let’s say your tax refund is $5,000 and you have several credit card bills that you’d like to pay off that total that amount. A share pledge loan places the original tax refund of $5,000 on hold in your account, and then you’re granted a $5,000 loan to use towards paying off those bills. As you pay the loan back, the money on hold is released accordingly. You will get the added benefit of earning interest on the full balance of your savings account even though the funds are being held. Share pledge loan rates are much lower than the average credit card rate, so you will save on interest and get those credit cards paid down sooner. WWFCU is proud to offer our members share pledge loans starting at just 3.00%!
Saving Your Tax Refund for the Future
Saving money always seems to be a goal, but somehow it usually seems to end up on the back burner. Why not let this tax season be the time you finally start working towards that goal. Here at WWFCU we offer a variety of products to help you make the most of your money. From higher yield money market accounts to share certificates, we have the right product for you to get your savings started. If you are just starting out with a money saving plan, creating an emergency savings account is usually the best place to begin. Financial planners recommended you have on average, 3–6 months of living expenses in your emergency savings. Having these funds set aside can give you peace of mind knowing that you are prepared for life’s unexpected events. Not only will an emergency fund increase your financial security, you’ll also be using your money to make money. While your funds are on deposit in an interest-bearing savings account, you will also be earning dividends on it.
If you have longer term goals in mind, a Share Certificate could be a great option for you. Maybe your auto lease will be up soon, and you want to buy it out at the end of your term. Why not take a portion of your tax refund and put it in a certificate that earns interest then use it towards a down payment upon maturity? The less you need to finance, the lower your payments will be. Currently, Wayne Westland Federal Credit Union is offering a 12-month CD at 3.03% APY. Did you know you can do a share pledge loan against a Share Certificate too? This can help you accomplish multiple goals at the same time. The Financial Guru Team is here for you! Please contact us at 734-721-5700 with any questions you may have or to schedule an appointment with one of our certified financial counselors. We would love to help you reach your goals in 2024 and beyond.