5 Ways to Use Your Tax Refund Wisely: Smart Moves for Your Financial Future

5 Ways to Use Your Tax Refund Wisely: Smart Moves for Your Financial Future

by | Feb 12, 2026 | Family Finances

For many people, tax season comes with a welcome bonus – a tax refund. While it can be tempting to spend it right away, using your refund strategically can make a big difference in your financial well-being both now and in the future.

Here are several smart ways to put your tax refund to work.

  1. Build (or Boost) Your Emergency Fund

If you don’t already have three to six months of living expenses saved, this is one of the best places to start. Unexpected expenses – car repairs, medical bills, or home maintenance – can happen at any time. Setting aside part of your refund in a savings account helps create peace of mind and financial stability.

Tip: Even saving a portion of your refund is a great step forward.

2. Pay Down High-Interest Debt

Credit cards and personal loans often carry higher interest rates that can quickly add up.

Using your refund to reduce these balances can:

  • Lower monthly payments
  • Save money on interest
  • Improve your credit score over time

Start with the highest interest debt first to get the biggest impact.

3. Save for Short Term Goals

Think about what you have coming up this year:

  • A vacation
  • Home improvements
  • Back-to-school expenses
  • Holiday spending

Placing your refund into a designated savings account helps you prepare without relying on credit later.

4. Invest in Your Future

If your finances are in good shape, consider using part of your refund to grow your long-term wealth.

Options may include

  • Retirement accounts like IRAs
  • Certificates of Deposit
  • Investment accounts

Small contributions today can make a big difference over time.

5. Enjoy a Little – Guilt Free

Smart financial planning doesn’t mean no fun at all. Setting aside a small portion of your refund for something enjoyable – a family outing, new appliance, or special treat – can make the reward feel even better.

They key is balance.

Make Your Refund Work for You

A tax refund is a great opportunity to strengthen your financial foundation. Whether you choose to save, pay down debt, invest, or plan ahead, making thoughtful choices now can lead to greater financial confidence throughout the year.

If you’d like help finding the right savings options or planning your next financial goal, JVB is always here to help.

Stop by your local branch or contact us to learn more.

JVB Website

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

Lowering your bills: 6 tips to save money monthly

Lowering your bills: 6 tips to save money monthly

by | Jun 19, 2025 | Family Finances, Summer

Lowering Your Bills: 6 Tips to Save Money Monthly

Family Finances

houses

6.With the cost of living on the rise, finding smart ways to cut expenses and save money each month is more important than ever. The good news? You don’t need to make drastic lifestyle changes to see a difference. By focusing on a few key areas, you can reduce your bills and keep more money in your pocket—without sacrificing quality of life.

Here are six tips to help you lower your monthly bills and start saving today:

1. Audit Your Subscriptions

It’s easy to lose track of what you’re subscribed to—streaming services, fitness apps, premium accounts, and more. These small charges add up quickly. But here’s the truth: most of us don’t use all of them regularly. If you’re looking to trim your monthly expenses without sacrificing entertainment or fitness, consider these three strategies: downgrade, rotate, or bundle.

Downgrade When You Can

Many streaming platforms offer tiered pricing—usually based on things like ad presence, simultaneous streams, or video quality. Ask yourself: do you really need 4K when you mostly watch on your phone? Can you tolerate a few ads to cut your bill in half? Downgrading your plan (even temporarily) can save you $5–10 per month, per service.

Rotate Your Subscriptions

Content comes and goes in waves. Instead of staying subscribed to everything at once, rotate. Watch all the new content on one platform, then cancel and switch to another next month. For example, binge all your favorites on HBO Max in June, then pause and move to Disney+ in July. It takes a bit of planning, but the savings can really add up—without missing out.

Bundle Strategically

Many services are starting to bundle together—either through corporate partnerships or telecom providers. For instance, Disney+, Hulu, and ESPN+ offer a joint package that’s cheaper than paying for them separately. Some wireless plans now include Netflix or Apple TV+ at no extra cost. Check your current subscriptions and phone plan—there might be a bundle you’re already paying for and not using.

Tip: Go through your bank or credit card statements and cancel anything you don’t use regularly.

2. Cut Down on Utility Costs

You can reduce your electricity, water, and gas bills with simple changes:

  • Switch to LED bulbs.
  • Unplug devices when not in use.
  • Install a programmable thermostat.
  • Fix leaks and consider low-flow showerheads.

Bonus: Many local utility companies offer rebates or incentives for making energy-efficient upgrades.

3. Meal Plan and Cook at Home

One of the most effective ways to cut monthly expenses is to take control of your food spending. Dining out and grabbing takeout might feel convenient, but those costs add up fast. Instead, try meal planning and cooking at home—you’ll be surprised how much you can save.

Start by creating a weekly meal plan based on what you already have in your pantry and what’s on sale. Choose simple, versatile meals that use similar ingredients so nothing goes to waste. Then, make a grocery list and stick to it—no impulse buys.

Cooking at home doesn’t mean you need to be a gourmet chef. Batch cook meals like stir-fries, soups, or pasta dishes that reheat well. You’ll spend less per meal, avoid delivery fees, and reduce food waste. Plus, homemade meals are often healthier, so it’s a win for your budget and your body

4. Refinance or Shop Around for Lower Rates

Whether it’s your car insurance, cell phone plan, or even your mortgage—there’s a good chance you’re overpaying. One smart way to reduce your monthly costs is to refinance or shop around for better rates.

Start with big-ticket items like your mortgage, auto loan, or student loans. Even a small reduction in interest can mean significant savings over time. If refinancing isn’t right for you, consider calling your lender to negotiate—many are more flexible than you think.

Also, compare rates on essentials like car insurance, cell phone plans, and utilities. Many companies offer discounts to new customers or will match a competitor’s price if you ask. A few phone calls or online quotes could cut your monthly bills without sacrificing service.

Tip: Compare rates annually. Use comparison sites to check for better deals or call your provider and ask if they can match a competitor’s rate.

5. Use Cash-Back and Reward Programs Wisely

Cash-back apps and credit card rewards can give you money back for purchases you were going to make anyway.

Caution: Only use rewards programs if you pay your credit card balance in full each month to avoid interest charges.

6. Set Savings on Autopilot

Saving money shouldn’t feel like a chore. Automating your savings ensures you’re consistently putting money away before you even notice it’s gone.

Tip: Set up an automatic transfer to a high-yield savings account each payday. Start small—even $25 a week adds up over time.

 

Final Thoughts

Saving money monthly doesn’t have to mean giving up everything you enjoy. With a few adjustments and more mindful spending habits, you can lower your bills, grow your savings, and enjoy more financial peace of mind.

Check out Card Management in the mobile app and online banking for better insights into your spending!

 

Jumpstart Your Savings Today!

Get Started

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

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Spend or Save Graduation Money

Spend or Save Graduation Money

by | Jun 10, 2025 | Family Finances

Spend or Save Graduation Money?

Family Finances

houses

Did you receive money for graduation and you’re trying to figure out what to do with it? Spend it, save it, invest it… Receiving cash for graduation is a great gift, and when used wisely, can start you off on the right foot financially. While you may be tempted to go on a shopping spree or treat yourself to a getaway, there may be better ways to use your graduation money. Here are five ways to use your graduation cash that gives you a step in the right financial direction:

1. Set Aside for Savings

One way to put your graduation money gifts to good use is to put money aside for savings or as an emergency fund. Stashing cash in a savings account can help you afford expenses, such as textbooks, meal plans, and more, or toward tuition to reduce your reliance on loans. If this is undergraduate graduation money it can help you afford moving out of your parent’s home.

You also cannot predict the future. Financial setbacks can happen – like having to fix a broken car or an unexpected job loss– that will make it hard to pay your bills. Having an emergency fund can make these unexpected moments easier to live through with less of a chance of having to rely on credit cards or loans.

2. Invest in Yourself

While saving is important, investing in yourself is as well. Sometimes, spending money is the smart move – as long as it’s purposeful. Consider using a portion of your graduation money for items that support your future goals. Here are a few examples:

  • A laptop for school or job hunting
  • Professional clothing for internships or interviews
  • Furniture or kitchen basics for an apartment or dorm room
  • Online courses or certifications that align with your career goals

Upskilling is becoming increasingly important these days, especially in highly competitive career fields. While a bachelor’s degree is usually enough for an entry-level role, upskilling can give you a competitive edge that makes you stand out in the job market.

3. Pay down some of your student loan debt

Your student loan repayments will start six months after graduation day. If you have the money, consider putting some of your graduation money into paying down part of the debt. We recommend tackling the student loans with the highest interest first.

By pre-paying your student loans with some of your graduation cash, you could be saving yourself from accumulating interest on interest down the road. Otherwise, once your payments begin, you’ll be paying interest on both the principal and the interest that accrued during the grace period.

4. Invest for your Retirement

Saving for retirement might not be on the top of your mind when you’re young, but the earlier you begin, the better off you’ll be in the future. Even if the contribution is small, consistent savings can add up and work to your benefit over the years. Think of it this way, at an assumed 6% average annual return rate, investing $100 at age 22 will reach $1,226 by age 65. If you stay consistent and add $25 a month to that initial deposit, you’ll have $57,495 by age 65.

5. Treat Yourself

Yes, being financially stable and making sure all of your financial priorities are met is what brings peace to everyone’s life, but nothing beats doing what you want with your money. You just spent countless hours, days, and years working towards this degree. So, if you feel like you need to take a vacation before things start to get real, do it! If you want to splurge on a new wardrobe, buy it! Spending money on things you like is essential for taking care of yourself. Just make sure you take care of the important things first, so you won’t be homeless by the time you come back from that trip.

Planning ahead is key

If you’re not sure whether you should spend or save your graduation gift money, it helps to look at the big picture. What are your short-term needs? What are your long-term goals? The answer to how to use your graduation cash is different for everyone, but by considering all of the options, it may be easier to decide how to use graduation money to stay ahead financially.

Jumpstart Your Savings Today!

Get Started

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

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How to have a Great Summer Vacation – On a Budget

How to have a Great Summer Vacation – On a Budget

by | May 29, 2025 | Family Finances, Holiday, Summer

How to have a Great Summer Vacation – On a Budget

Family Finances | Summer

houses

Summer vacation doesn’t have to mean draining your savings or racking up credit card debt. With a little planning in advance, you can have a fun, memory-filled summer vacation, while staying financially sound. Whether you’re planning a trip for yourself, vacationing with friends, or planning a family trip, these budget-friendly tips will assure you have a great summer vacation – without overspending.

1. Set a Budget

A good rule of thumb to follow when budgeting a get away is to follow the 50/30/20 rule. This means 50% of your budget is reserved for your monthly fixed costs, such as your mortgage payment, utilities, food, and childcare. 30% is used for discretionary spending and the last 20% goes into your savings. If you follow this method, the 30% you set aside will be your vacation budget.

If you’d like to get an idea of your overall spending and find out whether you are staying within these percentages, Money Management in digital banking includes budgeting tools that organize and categorize your spending so you can see the full picture.

What should you include in your vacation budget?

It’s important to set a realistic budget, based on what your family can afford. Include travel/transportation, lodging, food and drink, activities, souvenirs, and a small emergency fund.

See how much you should be saving monthly to reach your vacation fund goal with our Savings Goal Calculator.

2. Travel Smart

Travel/Transportation

You don’t have to fly across the world to feel like you’re on vacation. Save yourself the cost of airfare and rideshares by travelling locally. Just remember to account for gas and parking when you travel in your own car. If you must fly, consider booking your flights on less traveled days like the middle of the week because prices tend to be lower.

Accommodations

Hotels can eat up a large portion of your budget, so consider alternatives like a rental house or campsite. If your only option is a hotel, consider booking when there are deals available or booking with a travel or rewards focused credit card so you can earn cash back or rebates on your travel purchases.

Planning meals and activities ahead

Planning meals and activities ahead will also help you save money. Bringing your own food and drinks to avoid having to eat out for all three meals every day of your trip will help you stay within your budget. If your hotel offers complimentary breakfast, always take advantage of that. When eating out, consider drinking water instead of paying the additional cost of a soft drink. Prioritizing cheap or free activities like sightseeing landmarks, relaxing on the beach, visiting state parks, visiting local art and history museums, and enjoying public attractions will help keep the cost down. Just don’t forget to keep in mind the cost of parking.

Souvenirs

Start saving early for your souvenirs. To avoid charging unexpected expenses to a credit card, try to rely on cash for these items.

The best souvenirs are the memories you create!

3. Keep an eye out for unanticipated expenses

Remember, certain vacation costs are obvious – lodging, food and drink, travel – but small ones can quickly add up. While you’re comparing costs and looking for the best deal, you should also keep in mind gas, tolls, parking, and sunscreen. Try to walk through a typical vacation day, and map out every expense you might encounter – even the ones you accrue before leaving for the trip (beach towels, toiletries, new suitcase, etc.).

4. Final Thoughts

Don’t go into debt for a summer vacation. A great summer vacation isn’t about how much money you spend. It’s about who you’re with and the memories you create. With a little planning and some creativity, you can relax, explore, and have fun while staying financially savvy.

Keep your vacation savings separate from your main savings. Start saving for your next vacation with our Statement Savings account.

Open an Account

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

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How to Choose the Right Home for You

How to Choose the Right Home for You

by | Apr 16, 2025 | Mortgage, Family Finances, Loans

How to Choose the Right Home for You

Loans | Mortgages | Family Finances 

houses

Before you start shopping, it’s important to know what it is you are looking for. Whether you’re a first-time homebuyer or a seasoned investor, the process can feel overwhelming. But with a little planning, self-reflection, and research, you can find a place that meets both your needs and your lifestyle. We have compiled a few items we think are important to consider when choosing the right home.

1. Determine Your Budget

Before you even start browsing listings, it’s essential to know how much you can afford. Your budget will not only determine which homes are in your price range but will also impact your decision-making throughout the process.

Start by evaluating your financial situation:

  • Income and Savings: Assess how much money you have saved for a down payment and how much you earn each month.
  • Pre-Approval for a Mortgage: Get pre-approved for a loan so you have a clear idea of how much a lender is willing to give you. This will give you a price range and prevent you from falling in love with homes that are out of reach.
  • Monthly Expenses: Don’t forget to consider all the costs associated with owning a home—mortgage payments, property taxes, homeowners insurance, utilities, maintenance, and possible HOA fees.

2. Decide on Your Ideal Location

Location is key to finding the right home. Even the most beautiful house can lose its appeal if it’s in a neighborhood that doesn’t suit your lifestyle. Here are some factors to consider when choosing the location:

  • Proximity to Work or School: Think about your daily commute. Do you prefer a short drive or public transportation options?
  • Amenities and Services: Consider the convenience of nearby shops, restaurants, healthcare facilities, schools, and parks. Having essential services within walking distance can add value to your life.
  • Safety: Research the safety of the area, including crime rates and the general reputation of the neighborhood.
  • Future Development: Investigate whether the area is growing or has plans for development, as this could impact your home’s value in the future.
couple_blueprints_newhome

3. Consider the Size and Layout

Now that you’ve set your budget and selected a location, it’s time to focus on the size and layout of your home. Consider your current and future needs:

  • How Much Space Do You Need?: How many bedrooms and bathrooms do you require? Do you need space for a home office, gym, or guest room? Think about both your present needs and potential life changes (e.g., starting a family or accommodating elderly relatives).
  • Open vs. Traditional Layouts: Do you prefer a more open concept where the living, dining, and kitchen areas flow together, or do you like a more segmented layout with defined rooms?
  • Outdoor Space: If you enjoy gardening or entertaining, you might want a larger yard. However, if you’re busy and prefer low-maintenance living, a smaller or no-yard home may suit you better.

4. Think About Future Needs

While buying a home is a big commitment, it’s also important to think long-term. Your needs might change in the next 5 to 10 years, so consider the potential for growth and adaptability:

  • Resale Value: Even if you plan on staying for a while, it’s good to think about the resale potential. Is the neighborhood on the rise? Does the home have features that would appeal to future buyers?
  • Flexibility for Changes: Will you need space for a growing family or a home office in the future? Consider how easy it will be to make changes or renovations if necessary.

5. Factor in Home Condition and Age

When you find a home that ticks all the boxes, don’t forget to consider its condition. The age of the property plays a significant role in maintenance and repair costs:

  • New vs. Older Homes: A new home may require less immediate work, but it might also come with a higher price tag. An older home might have more character but could need more repairs, such as upgrading the plumbing or electrical system.
  • Inspection: Always schedule a professional home inspection before making a final decision. Inspectors can identify any hidden issues with the property, giving you peace of mind before making such a significant investment.

6. Visualize Your Lifestyle

Your home should align with your lifestyle and values. Whether you’re an active individual, love entertaining, or want a quiet retreat, make sure your home supports your day-to-day activities:

  • Space for Hobbies: If you enjoy activities like gardening, baking, or crafting, make sure the home accommodates those hobbies.
  • Social Space: If you love hosting friends and family, consider whether the home has enough space for social gatherings or has a nice flow for entertaining.
  • Maintenance: Some people prefer a home that’s low-maintenance, while others enjoy working on projects around the house. Know what suits your lifestyle best.

7. Consult a Real Estate Agent

While the idea of navigating the housing market on your own may be tempting, it’s often worth seeking help from a real estate agent. A qualified agent can offer valuable insights, negotiate on your behalf, and help you avoid common pitfalls. They can also help you understand the local market and provide you with listings that fit your criteria.

8. Trust Your Instincts

Finally, while data and research are essential in choosing the right home, don’t forget to trust your gut. Walk through the home and envision your life there. Does it feel like a place where you could see yourself living long-term? Does it match the vision you have for your life?

If something feels off, it might be worth reconsidering. Remember that finding the right home is a journey, and it’s okay to take your time.

Conclusion

Choosing the right home is a complex decision, but with careful planning, self-reflection, and the right guidance, you’ll be able to make an informed choice that suits your lifestyle and budget. From setting your budget to considering your future needs and lifestyle preferences, every step of the process plays a crucial role. Keep your priorities in mind, stay organized, and remember that your home is not just a place to live; it’s a space to thrive. Happy house hunting!

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

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How Changes in Life Can Save You Money

How Changes in Life Can Save You Money

by | Mar 24, 2025 | Family Finances

How Changes in Your LIfe Can Save You Money

Family Finances

new baby_new parents_life changes

Did you know certain life events can save you money at tax time?

man and woman putting on wedding rings

1. Getting married

Did you know that getting married often results in a welcoming tax break? Filing jointly will typically award you lower tax rates, as well as higher deductions and credits. This is due to lower federal tax rates for couples compared to filing as single. Even if you waited until the last day of the year to get married, you are still considered married all year when it comes tax time and can reap the rewards of tying the knot.  (However, this is not guaranteed and there may be instances where being married can increase your taxes.)

couple holding keys

2. Buying a new home

Homeownership is a big commitment with a lot of upfront costs. However, it is also one of the biggest tax savings people see. The IRA offers a range of tax credits and deductions designed to lighten the financial load for homeowners.

One of the biggest tax benefits of homeownership is the home mortgage interest deduction. This deduction allows you to subtract the interest you pay on your mortgage loans from your taxable income, resulting in potential savings come tax time.

Additionally, property taxes may offer tax savings through the property tax deduction. This deduction allows homeowners to offset some of the financial burden of property taxes by deducting them from their taxable income. To claim it, you will need to itemize your deductions on Schedule A on form 1040. This can be a smart financial move and keep more of your hard-earned money in your pocket.

hospital_having baby_new parents

3. Having a baby

Did you have a baby last year? If so, congratulations! Not only on the new baby but also on the new tax deductions and credits you are now eligible for. Some of the tax benefits you will receive for having a baby are the Child Tax credit, and if you pay for child care, the Child and Dependent Care Credit.

For the 2024 tax year (taxes filed in 2025), the credit is worth up to $2,000 per qualifying dependent child, and the refundable portion is worth up to $1,700. The credit amount remains the same for 2025 (taxes filed in 2026).

The child and dependent care tax credit is designed to help people who work or are looking for work offset expenses related to the care of a child under 13 or a dependent with a disability. It’s important to notice that this credit is nonrefundable. This means that any taxes owed will be decreased by the credit amount, but taxpayers will not receive any overage of the credit in the form of a refund once their tax bill goes down to $0. Generally, the child and dependent care tax credit is worth 20% to 35% of up to $3,000 (for one qualifying dependent) or $6,000 (for two or more qualifying dependents). This means that the maximum child and dependent care credit is $1,050 for one dependent or $2,100 for two or more dependents.

retirement_seniors_planning_finances

4. Retirement contributions and distributions

Contributing to a retirement plan or a 401K plan can get you rewarding tax deductions. However, once you start withdrawing money out of your retirement account, expect to be taxed on that distribution.

While this is only a few of life’s events, there are many of these life transitions that bring big tax benefits. It is important to know what you qualify for and what their rules are prior to filing your taxes each year.

The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

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