It's tax time again. For many of us, that means a tax refund. What do you do with your tax refund each year?

Frankly, a lot of us go right out and spend it. It's gone almost as soon as it comes in.

There is a better way. Why not take this year's refund and put it to work for you?

Consider using your tax fund to make an investment in your future.

Whether you're just starting out or finishing up your career, you've probably been following all the public discussions about Americans and retirement. If you haven't begun to invest enough to have a secure retirement, it's time to consider an IRA (Individual Retirement Account).

It's simple to set up a regular IRA with your tax refund. Open a savings account or arrange to invest in a certificate of deposit (CD) that you will designate as an IRA. Once you've set it up and funded it, you won't have to worry about paying taxes on any money you earn on your IRA until you start to take it out at retirement. All the interest you earn is folded tax-free into the IRA, boosting its growing power. Best of all, when you do your 2013 taxes, your 2013 IRA contribution could be claimed as a tax deduction.

If you don't need or want the tax deduction, why not consider designating a savings account or CD as a “Roth” IRA. Roth IRAs are funded with after-tax dollars. On the one hand, that means you don't get to deduct the amount of your contribution to a Roth when you do your 2013 taxes. But a Roth IRA holds out a bigger promise.

The money you put in a Roth grows with no tax impact at all. Like a regular IRA, the money you fund a Roth with grows tax-free. But here's the sweetest part: when you're older and make withdrawals, you'll take money out tax-free. Nice deal, huh?

Perhaps you have other ways to save for retirement, or you want to keep your tax refund savings more readily available. If that's the case, a regular savings account or Money Market account may be the way to go.

It's amazing how good it feels to know you are prepared to take on one of life's unforeseen challenges when it pops up. Tucked away as savings, your tax refund is ready to help you easily handle financial emergencies like costs not covered by health insurance or unplanned home repair issues like a damaged roof.

Maybe you've already got an emergency fund and your thoughts are turning to fun.

Wouldn't it be nice to be able to treat the family to a special vacation without loading up on credit card debt? Tuck away your tax refund now and watch it grow until it's time to fund that vacation.

And, although it's months away, Christmas will be here sooner than we know. Your saved tax refund could help your family have the best Christmas ever.

For a lot of us, tax refund time is probably the closest we'll ever get to feeling like we've won a lottery. We get a good-sized lump sum of money and it starts to burn a hole in our pockets. But, once it's spent, it's gone.

Money that is saved always works for you, building an investment for your future.

First Reliance Bank can help you build a path to prosperity. Call on a personal banker to help you take the first step.