Maximize Your Tax Refund With These Expert Tips From Finance Expert Shana Hennigan

The financial grind of tax season offers a silver lining for many Americans — a potential tax return that could boost your financial health. 

Shana Hennigan, finance expert and Chief Business Officer at Raisin, encourages individuals to seize this opportunity to review financial goals and improve their financial strategies.

Raisin is a no-fee online savings platform aimed at simplifying savings with competitive rates from banks and credit unions across the nation. They have served over 1.5 million customers, helping them accumulate more than $1.5 billion in interest. Hennigan, with her extensive background in consumer banking with institutions like Bank of America and Merrill Lynch, offers five strategic steps for utilizing tax refunds effectively.

She says this is a great time of year to get a clear picture of your financial health. Having a clear understanding of how much money is coming in and going out each month is pivotal.

Once the tax return arrives, its crucial to devise a plan, treating it as the hard-earned money it is. Options like paying down debt or saving for emergencies can offer long-term benefits.

Long-term planning is key, Hennigan says. Consider your aspirations — buying a home, further education, or clearing high-interest debts — and plan accordingly. Retirement planning shouldnt be overlooked either; even small amounts saved regularly can grow significantly.

Finally, prioritizing savings is essential. Setting aside even a small amount each week will build up your emergency savings over time.

Whatever your financial status, anyone can make the most of tax season and put their tax returns to work.