I don’t know about you guys and gals, but when tax season comes around..I get excited. Why? You ask…because it’s an opportunity to get some money back! I get so happy when I receive my refund check in my bank account. This year, tax season was a little different for me. I wanted to use my refund wisely. Earlier this year I decided to start my total money makeover and wanted my refund to help me progress further in a positive direction. Therefore, I have come up with 9 Intelligent Ways to Use Your Tax Refund.
- Start or Increase Your Emergency Fund: Emergencies always come up when you least expect them to. It makes perfect sense to set money aside for when these situations occur. Have you noticed that it never seems to fail that when you finally just start getting ahead, something breaks or goes wrong when you don’t have any extra cash lying around? Prepare yourselves!
- Pay off Debt: Pay off your credit cards or pay down any loans you currently have. Tackle some of that bad debt. Putting your refund towards debt is a great way to jump start your debt elimination strategy.
- Save it in a Savings Account: Do you have a certain amount of money you like to keep in savings at all times? Maybe you don’t currently, but would like to start saving a certain amount of money in your savings account. Use your refund to achieve that goal or start working toward that goal.
- Save for an Upcoming Expense: Do you know of an expense your are going to have to pay for in the near future? Is there something wrong with your vehicle and it needs to be repaired? Save your refund and apply it to whatever big expense you may need to pay for. Just because you receive your refund earlier in the year, doesn’t mean you have to use it then.
- Repairing/Renovating your House: Are you renovating a part of your house? Maybe you are redoing the whole entire house! Just like option 4, you can save your refund to cover some…maybe all of that cost, depending on how big of a refund you receive.
- Pay it Forward: If don’t have a need for your tax refund, consider paying something forward for someone who could benefit from it. Donating to your favorite charity is also a great way to utilize your refund.
- Put it Towards Your Retirement: Eventually all of us retire at some point in our lives. Put your refund to good use by sticking it your retirement fund.
- Donate it to Your Child’s or Grandchildren’s Education: Don’t force your kids or grandchildren to take out student loans and live in debt until they are well into their 60’s. Start saving now!
- Travel: Are you burned out on work? Could you use a vacation? Your refund has arrived to your rescue! Use it to get away for a little while. It could be a road trip, out of state, out of the nation, where ever your heart desires.
How you decide to spend your refund is completely up to you and your circumstances. However, you can also split your refund like I did this year. I used a partial amount of my refund to jump start my emergency fund, then I used the remainder to pay off bad debt. Take this list and your refund and utilize it how you think would work best for you.
How did you use your refund this year?
Do you plan on using your refund differently next year?
What are other ways to spend your tax refund?
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