4 Things to Do with Your Tax Refund
So what is the best thing you can do with your tax refund once you get it? There is no clear-cut answer, but you don’t have to spend or invest it all in one place, either! We’ve come up with a few great ways to get the most out of your tax refund and give yourself a better financial footing going forward.
So what is the best thing you can do with your tax refund once you get it? There is no clear-cut answer, but you don’t have to spend or invest it all in one place, either! We’ve come up with a few great ways to get the most out of your tax refund and give yourself a better financial footing going forward.
Invest It
While it’s more fun to spend your tax refund, this is a great opportunity to forego immediate gratification and set yourself up for success down the road. One of the best things you can do with your cash windfall is put it toward your retirement by investing it. You’re not going to feel the impact immediately, but when you start looking at what compound returns can do for you, you’ll appreciate the potential benefits that come from investing early on.
Put It in a Savings Account
No one can predict the future, but it’s pretty easy to prepare for it. Unfortunately, most people don’t have much saved for an emergency or sudden job loss, leaving them in a precarious position if something were to happen. If you don’t already have three to six months of living expenses saved as well as a little extra cash for unexpected occurrences, putting at least a portion of your tax refund into a savings account could be a smart move.
Pay Down Debt
Whether you have credit card debt, a car loan, student loans, or mortgage, one of the best financial moves you can make when you have extra cash is pay down your debt. Not only does this lower the amount of debt you have, which improves your credit score, it lowers the total amount you will pay over the lifetime of the loans.
Remember, a large chunk of the money you pay on debt is interest. Most of the time, interest is calculated as a percentage of the money you still owe. Unless you have a prepayment penalty, paying off debt early can help you to save a ton of money on interest.
Invest in Yourself
Interested in getting ahead in your career? Thinking about a new job? Considered experimenting with a side hustle? Investing your tax refund in yourself may be a smart move. By taking the money and growing your skillset or building a new revenue stream, you could greatly multiply the positive impact of that extra cash for years to come.
How Do I Decide What to Do?
If these sound like great ideas, you may feel stuck on how to decide. Try writing down all the options you’re considering and look at the potential savings and gains from each one, as well as the short-term and long-term pros and cons. Once you compare the different courses of action side by side, the right move should become clearer.
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Legal
Developers
Unless indicated differently, data is as of 03/31/2025.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of March 31, 2025: traditional US Savings Account Rate: 0.41% (YCharts); T-Bill yield: 4.21% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors.
3. Stocks 500: Where applicable, as of March 31, 2025, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 8% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of 03/31/2025, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
Beanstox Inc. (“Beanstox”) is an SEC registered investment adviser and has arranged for brokerage services to be provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and risk tolerance levels and Beanstox’s charges and expenses. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. Beanstox’s internet-based advisory services are designed to assist clients in achieving investment goals. They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client’s financial situation and do not incorporate specific investments that clients hold elsewhere. For more details, see our Form ADV Part 2A and Part 3 CRS and other disclosures.
All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Actual returns will vary greatly and depend on personal and market conditions. Past performance does not guarantee future results. Google Play and the Google Play logo are trademarks of Google, Inc. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved
Legal
Developers
Unless indicated differently, data is as of 03/31/2025.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of March 31, 2025: traditional US Savings Account Rate: 0.41% (YCharts); T-Bill yield: 4.21% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors.
3. Stocks 500: Where applicable, as of March 31, 2025, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 8% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of 03/31/2025, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
Beanstox Inc. (“Beanstox”) is an SEC registered investment adviser and has arranged for brokerage services to be provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and risk tolerance levels and Beanstox’s charges and expenses. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. Beanstox’s internet-based advisory services are designed to assist clients in achieving investment goals. They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client’s financial situation and do not incorporate specific investments that clients hold elsewhere. For more details, see our Form ADV Part 2A and Part 3 CRS and other disclosures.
All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Actual returns will vary greatly and depend on personal and market conditions. Past performance does not guarantee future results. Google Play and the Google Play logo are trademarks of Google, Inc. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved
Legal
Developers
Unless indicated differently, data is as of 03/31/2025.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of March 31, 2025: traditional US Savings Account Rate: 0.41% (YCharts); T-Bill yield: 4.21% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors.
3. Stocks 500: Where applicable, as of March 31, 2025, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 8% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of 03/31/2025, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
Beanstox Inc. (“Beanstox”) is an SEC registered investment adviser and has arranged for brokerage services to be provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and risk tolerance levels and Beanstox’s charges and expenses. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. Beanstox’s internet-based advisory services are designed to assist clients in achieving investment goals. They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client’s financial situation and do not incorporate specific investments that clients hold elsewhere. For more details, see our Form ADV Part 2A and Part 3 CRS and other disclosures.
All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Actual returns will vary greatly and depend on personal and market conditions. Past performance does not guarantee future results. Google Play and the Google Play logo are trademarks of Google, Inc. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved