Media City Credit Union, a local financial cooperative who returns its earnings back to its Member-Owners, focuses on helping people and giving back to its community. MCCU aims to help you stay organized and prepared during tax season, offering tools like My Virtual Strongbox for filing important tax documents or different savings accounts to invest your tax return into.
Each year after filing taxes, many individuals receive tax refund amounts that they can use towards other expenses in life. Here are some of our helpful recommendations on how to use your tax refund this year:
- Pay off existing debts. Funds from a tax return are an excellent way to pay off any existing debts or loans. Use your tax return to pay down high interest credit card debt, student loans, auto loans, etc. to help improve your credit.
- Contribute to retirement funds. While retirement can sometimes feel like a long way off, it’s never too early to set up or contribute to a retirement savings account. Supplement your retirement contribution with funds from your tax return to help those funds grow for future use.
- Replenish your emergency fund. Unexpected things can happen in life, and having an emergency fund or savings account to use for emergencies is very important. Your tax refund could be worth a short time of expenses or could amount to covering unexpected repairs or medical bills. Putting these funds away for emergencies is a great way to add more cushion to life’s unanticipated events.
- Save for the future or big ticket purchases. Have your eye on something special or saving for a rainy day? Any tax refund amount can be used for future purchases like family vacations, college tuition, or bigger ticket purchases. Using your tax return for your future investments not only helps cushion your spending, but also contributes to great memories.
- Invest in your home. Investing in your home through small remodeling projects or home improvements can save you money in the long run and increase the value of your home. Help check off your to-do list with your tax refund amount.
- Consider charitable donations. Lastly, if you do not have an immediate use for your tax refund and would like to pass it forward, consider donating to different charities that are meaningful to you. Giving back is a feel-good way to use the money you received back from your taxes, helping others in need.
Ensure that your tax refunds are used to their fullest potential by following these recommendations. To learn more about us and other services offered at Media City CU, reach out to our team or visit our website at mediacitycu.org.
About Media City Credit Union
Media City Credit Union has served its members since 1936 when we were founded by
employees of Helms Bakeries. A credit union is like a bank, only better. Media City offers checking, savings, credit cards and loans, yet profits are returned back to members in the form of reduced fees, higher savings rates and lower loan rates. Media City CU is a financial cooperative, giving back to its member-owners.
The credit union provides fee-free access at 75,000 ATMs worldwide and provides online account access. If you live, work, worship, or attend school anywhere in Burbank, or if you have a relative who is already a member, you can become a member too. As soon as you join, your family members also become eligible. Media City CU partnered with the ChangeWorks Foundation and by making a minimum $25 donation to this wonderful cause (Media City matches the $25 donation), you also become eligible for membership. New members enjoy immediate access to all services, including loans.
