Tips for using your tax refund wisely
What to do with your tax refund
Tips for using your tax refund wisely.
You might want to spend your tax refund on a fancy gadget or a lavish trip, but there are smarter ways to use the money.
Pay off high-interest debt
If you have any high-interest debt, such as credit card debt, using your tax refund to pay it off is smart. Not only will it save you money on interest in the long run, but it will also improve your credit score. High levels of credit card debt can negatively affect your credit score, so paying it off can help improve your overall financial health.
Build an emergency fund
An emergency fund is a savings account for unexpected expenses, such as medical bills, car repairs, or job loss. Experts recommend saving at least three to six months of living expenses in an emergency fund. If you don't have one already, using your tax refund to start one is a great idea. This will provide you with a safety net in case of any unexpected financial emergencies. With Walmart MoneyCard’s savings account, you can save cash for safe keeping, emergencies, or future purchases and earn 2.00% interest rate on your savings.1
Invest in your retirement
If you have a retirement account, such as a 401(k) or IRA, using your tax refund to contribute to it can have long-term benefits. Not only will it help you save for retirement, but it can also reduce your taxable income for the current year. This means you may receive a larger tax refund next year.
Make home improvements
If you own a home, using your tax refund to make improvements can increase its value and save you money For example, upgrading to energy-efficient appliances or installing solar panels can lower utility bills. You can also use your tax refund to make necessary repairs, such as fixing a leaky roof or replacing old windows.
Invest in yourself
Using your tax refund to invest in yourself can have long-term benefits. This could mean taking a course to improve your skills or further your education. You can also use your tax refund to start a side hustle or invest in a hobby you've always wanted to pursue. These investments can lead to increased earning potential and personal fulfillment.
Receiving a tax refund can be a financial windfall, but it's important to use it wisely. You can make the most of your tax refund by paying off debt, building an emergency fund, investing in your future, or making home improvements. By keeping track of your tax deductions, filing your taxes early, and adjusting your withholdings, you can maximize your tax refund for years to come.
Cash back, up to $75 per year, is credited to card balance at end of reward year and is subject to successful activation and other eligibility requirements. Redeem rewards using our website or app. You will earn cash back of three percent (3%) on qualifying purchases made at Walmart.com and in the Walmart app using your card or your card number, two percent (2%) at Walmart fuel stations, and one percent (1%) on qualifying purchases at Walmart stores in the United States (less returns and credits) posted to your Card during each reward year. Grocery delivery and pickup purchases made on Walmart.com or the Walmart app earn 1%. For the purpose of cash back rewards, a "reward year" is twelve (12) monthly periods in which you have paid your monthly fee or had it waived. See Deposit Account Agreement for details.
Opt-in required. Account must have initial eligible direct deposits, must be in good standing and have an activated chip-enabled debit card to opt-in. Ongoing eligible direct deposits and other criteria apply to maintain eligibility for overdraft protection. Only debit card purchase transactions are eligible for overdraft protection and overdrafts are paid at our discretion. We reserve the right to not pay overdrafts. For example, we may not pay overdrafts if the account is not in good standing, or is not receiving ongoing eligible direct deposits, or has too many overdrafts. Overdraft fees may cause your account to be overdrawn by an amount that is greater than your overdraft coverage. A $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid a fee. Overdraft protection is only available on Demand Deposit Accounts that meet eligibility requirements. Log into and refer to your Account Agreement to check feature availability.
Monthly fee waived when you direct deposit $500+ in the previous monthly period. Otherwise, $5.94 a month.
Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures. As such, early direct deposit availability may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your Walmart MoneyCard account to prevent fraud restrictions on the account.
Limits apply. Your funds typically become available on your account within 10 minutes for your use.
Carrier message & data rates may apply.
Monthly fees will continue on locked cards. Previously authorized transactions and deposits/transfers to your account will function with a locked card.
Interest paid annually on each enrollment anniversary based on the average daily balance across all savings of the prior 365 days, up to a maximum average daily balance of $1,000 across all savings, if the primary account is in good standing and has a positive balance. 2.00% Annual Percentage Yield may change at any time before or after account is opened. Annual Percentage Yield is accurate as of January 2026. Fees on your primary account may reduce earnings on your savings account. See Deposit Account Agreement for terms and conditions.