Money Matters

Is your tax refund burning a hole in your pocket?

By Joyce Sharp

Ah yes, it’s that special time of year when people are eagerly looking forward to their tax refund! A time when some start dreaming of the things they think they need: a new living room, appliances or even a vacation to wash away the winter blues… And so they start spending their refund before they’ve even received it.

For some, a tax refund could potentially be a significant amount to receive all at once, and what you do with it could have a considerable impact on your future finances! So, before taking any action, it is important to realize that you need to have a vision for your money, or in other words, an idea of what you want to do with your tax refund (large purchase, investment, or simply savings)!

What to do With Your Return

A financial advisor might call this vision or structure your investment objective. If there is existing debt for example, why not pay it off instead of adding to it, or why not invest it as part of your retirement planning? Put your tax refund to work for you now, to reap the benefits later.

Consider talking to someone who will know how your tax refund can have the largest impact on your savings, because what you don’t want to do is leave this money sitting in your bank account, whittling away, earning little to no interest.

When it comes to investing, the primary deciding factors will be your investment objectives, risk tolerance, and what you want the money to do for you in the short and long term. As investment options go, besides the universe of Mutual Funds, SISIP Financial also provides simple savings solutions with their Canadian Armed Forces Savings Plans.

SISIP Financial Advisors

Your SISIP Financial Advisors have a thorough understanding of the military lifestyle as well as established expertise in pay/benefits systems, including pension and lump-sum awards, and can help you decide what you want your money to do for you.

Remember to make your money work hard for the task at hand: financial stability and a healthy and successful financial future!

Visit here for more information on SISIP Financial Services.

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Canadian Military Family Magazine