By Canney Savanney The dreaded tax season is behind us and now we can breathe a sigh of relief. You are either feeling one of two things: ecstatic that you received money back from your tax filings or annoyed that you owe even more taxes. Hopefully, you were one of the many who received a refund...
By Canney Savanney
The dreaded tax season is behind us and now we can breathe a sigh of relief. You are either feeling one of two things: ecstatic that you received money back from your tax filings or annoyed that you owe even more taxes. Hopefully, you were one of the many who received a refund and now it’s time to think about what you are going to do with that extra cash. Here are some smart ways to spend your tax return.
1) Pay off Your Credit Cards
This isn’t anyone’s fun or first idea when they see their tax return hit their bank account as we would all rather spend it on new things than pay for things we already bought. The benefit of paying off your debt will be less interest charges that will save you money in the long run.
2) Pesky Student Loans
Most people who go or went to college today have a loan or two from a private lender or the federal government. Start early in chipping away the debt, paying off as much as you can to avoid accumulating mountains of interest. Interest is a killer when it comes to anyone’s financial situation, it can make going into debt even harder to get out of.
3) Fix up your Home
Do you have a project that needs to be done around the house that you’ve been putting off? Your tax return can give you the opportunity to improve your house’s value and make you smile every time you see your finished project. Fixing up your house can be a fun way to learn something new and be proud to accomplish something with your own two hands and elbow grease.
4) Donate to a Charity
Perhaps you are financial sound and would rather have your tax return do some good than sit in your bloated bank account. Helping those who have less or struggling financially will warm your soul as you’ll know you are bettering the lives of others. Do some research and find a charity that supports a cause you like and give! You will feel better knowing your money went to help someone who really needs it.
5) Take that much needed vacation
You’ve been working round the clock and need some much needed R&R. Treat yourself! You may not get a refund every year so plan a vacation to a destination you’ve been dreaming to see. You will be thanking yourself for the new experiences and memories you created when you finally return to the work grind.
There are many more things you can do with your tax refund than I listed here but hopefully this will put you on the right track! Enjoy the money that the government returned to you, you worked hard for it and deserve every cent you got back!