Tax season is here, and if you’re expecting a refund, it’s tempting to splurge on something fun—but what if you could make that money work for you instead? At Stone Bank, we’re all about smart financial moves that set you up for success. Here are five ways your tax refund could give your future a boost, as well as a few tips to avoid getting scammed!
- Boost Your Emergency Fund
Life is unpredictable, and having a financial safety net can make all the difference. Experts recommend saving three to six months’ worth of expenses in an emergency fund. If yours isn’t quite there yet, your tax refund is a great way to start or strengthen it. Stone Bank offers several options, including Fortress Savings, a high-yield savings account, to help your money grow while staying accessible when you need it most! - Pay Off High-Interest Debt
If you’re carrying balances on credit cards, personal loans, or other high-interest debt, your tax refund can be a powerful tool to pay it down. Reducing debt not only lowers your financial stress but also improves your credit score and frees up money for future goals. Consider making an extra payment on your credit card or loan to save on interest over time. - Contribute to Your Retirement Accounts
Your future self will thank you! Investing in your 401(k), IRA, or other retirement accounts helps build long-term wealth. Even a small contribution to your retirement savings today can grow significantly over time. Not sure where to start? Stone Bank can help you explore retirement savings options that fit your financial goals. - Fund Your Health Savings
Life happens, and so do medical expenses. Even with good insurance, it can add up quickly. Without a financial cushion, you might have to put off something important—like that much-needed family vacation or home renovation—just to cover unexpected bills. That’s where a Health Savings Account (HSA) from Stone Bank comes in. It allows you to set aside pre-tax dollars for medical expenses, giving you peace of mind and financial flexibility when you need it most. - Donate to Your Favorite Charity
Giving back to a cause you care about not only helps others but can also provide tax benefits for next year’s return. Whether it’s a local nonprofit, a community organization, or a national charity, your donation can make a real impact. Plus, giving to others is one of the most rewarding ways to use your money. Tip: Make sure your charity is legitimate by using the IRS’s tax-exempt organization search tool.
PROTECT YOUR MONEY WITH THESE EXTRA TIPS:
💡 Get your tax refund 3 weeks earlier by using direct deposit to have it put directly into your Stone Bank account!
💡 Protect yourself from fraud by educating yourself on the 12 tax scams for 2025, courtesy of the IRS.
💡 IRS refund check scams involve fake tax return checks and scammers pretending to be IRS agents. Remember, the IRS rarely contacts people by email, phone calls, or text messages.
Sources:
ABA.com – Training, Research, & Advocacy for Banks | American Bankers Association
Recognize tax scams and fraud | Internal Revenue Service
This information is for general educational purposes only and not to be used for tax or legal purposes. Stone Bank and its representatives do no provide tax or legal advice. Stone Bank’s website may contain links to websites of other organizations that are no longer protected by our privacy policy or security practices.