Plan it right: tax and bonus success
Maximize your momentum
If you’re expecting a tax refund or bonus this season – congratulations! You’re among the millions of Americans eagerly anticipating these funds. How you plan for your boost can be a game changer for your financial success. Let us help you make informed choices, so you transform your one-time cash infusion into a solid strategy for meeting your short- and long-term goals.
Build a safety net
Short-term savings act as your financial safety net, offering crucial support for unexpected challenges or opportunities. Imagine the relief of having cash on hand for sudden expenses like car repairs or medical emergencies, eliminating the need to take out a loan. And savings aren't just for rainy days; they're also for joyful moments, like splurging on children's activities or planning the perfect vacation.
Consider the flexibility of personal savings accounts or explore the stability of certificates of deposit (CDs) as smart solutions to build and safeguard your short-term financial safety net.
Think long term
Long-term savings are like your financial compass, guiding you towards a stable future filled with life's big moments. Picture having dedicated funds for education, a dream home, or unexpected medical needs – it's the ultimate peace of mind. Steadily grow cash for major purchases like a home or car, and plan for the unexpected. It's not just about building wealth; it's your roadmap to financial success.
Explore certificates of deposit (CDs) and Money Market Accounts for lasting financial security.
Let's tackle debt
Ready to kick debt to the curb? Your tax refund or bonus is a powerful ally in your mission for financial freedom. Whether it's credit card balances, student loans, or other financial obligations, your bonus or tax refund can be a game-changer. Consider allocating a portion of your bonus or tax refund to paying down high-interest debts to save on interest payments in the long run. By strategically using your bonus or tax refund you're not just chipping away at debt; you're taking control of your financial destiny.
To consolidate even more debt, you could also consider refinancing into a lower rate home equity loan, or look into credit card balance transfers to a new card at 0% .
Make your golden years, golden
Plan for your financial future with a financial advisor in your corner, through our affiliate, BOK Financial Advisors. It’s never too early or too late to work with a financial advisor to create a customized financial plan with investment options designed with your goals, investment objectives, and risk tolerance in mind.
Connect with your local BOK Financial Advisors professional.
Securities, insurance, and advisory services offered through BOK Financial Securities, Inc., member FINRA/SIPC and an SEC registered investment adviser. Services may be offered under our trade name, BOK Financial Advisors. Investment and insurance products are: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Articles and Resources
Four strategies for women to gain financial confidence
Women are destined to control significant wealth. Are they prepared?
4 ways to make the most out of your tax return or bonus
Finding the right balance between spending and saving is key
Secrets and cents
Navigating the impact of financial infidelity on love and trust
Love and finances
Preparing for a financial setback
Your tax refund or annual bonus could help jumpstart your emergency fund
Inflation is still a problem for many
But how it’s affecting your finances may vary