Smart Moves for Tax Season 2026: Protect & Grow Your Refund
It is February 2026, and for many of our members across New York, that means one thing: tax season is in full swing. While filing taxes isn’t anyone’s favorite chore, the potential of a tax refund is a bright spot on the horizon.
For first responders, EMS professionals, and your families, financial peace of mind is just as important as the safety you provide our communities. If you are expecting a refund this year, it can be tempting to treat it as "bonus cash" for immediate spending. However, with a little strategy, you can turn that check into a powerful tool that strengthens your financial foundation for the rest of the year.
Here is how to apply a "Protect & Grow" strategy to your 2026 tax refund:
1. Protect: Secure Your Financial Foundation
Before you look for ways to grow your money, it is vital to plug any leaks in your budget. "Protecting" your money means eliminating liabilities and building a safety net.
Extinguish High-Interest Debt: Did the holidays leave you with a balance on a high-interest credit card? Using your refund to pay this off is often the best return on investment you can get. Eliminating a 20%+ interest rate charge is an immediate win for your wallet.
Build Your "Rainy Day" Fund: In our line of work, we know that emergencies happen when we least expect them. If you don't have 3–6 months of expenses saved, consider parking a portion of your refund in your FASNY FCU Share Savings Account. It keeps the money accessible but separate from your daily checking, ensuring it is there when you really need it.
2. Grow: Make Your Money Work for You
Once your immediate needs are covered, shift your focus to growth. Your credit union membership gives you access to tools designed to help your savings outpace inflation.
Lock in Rates with Share Certificates: If you can afford to put some money away for a set period (6 to 36 months), a Share Certificate is a fantastic option. You generally earn a higher dividend rate than a regular Savings Account, allowing your refund to compound and grow safely over time.
Plan Ahead with Club Accounts: Consider using part of this year's refund to seed a Club Account for next year. Whether it is a Vacation Club to ensure you get that well-deserved time off, or a Holiday Club to prevent debt next December, earmarking these funds now prevents financial stress later.
Invest in Your Future: It is never too early (or too late) to think about retirement. Contributing to an IRA (Individual Retirement Account) can help secure your long-term comfort after your years of service are done.
We Are Here to Help
At FASNY FCU, we are dedicated to serving the financial needs of the volunteer fire and EMS community. We are not just a bank; we are your partners.