Oh we all know what to do with our tax refunds, some reasonable, some maybe not as much. Invest or splurge? Decisions, decisions.
Now sometimes I know the wise thing to do but somehow I need to hear some voice of reason to actually do it. So here I am being that nagging voice. After all I am a mother, whose primary duty is to do just that.
Here are some wise things you can do with your tax refund:
1.) Pay off debts, especially those with sky high interest rates! I assure you it feels so much better to be debt free. Your money will be yours to keep & not chained up each agonizing month in paying interest!
2.) Invest in yourself. Get some new professional wardrobe, enroll in a class & acquire new skills, or perhaps, improve your smile with teeth-whitening. Whatever it is to become a better you. You’ll do well to take care of yourself. It’ll pay off.
3.) Update your home. Some can even qualify as tax credit, like energy saving home features. It’s a win-win. You enjoy the upgrade, you get a credit.
3.) How about opening an interest-yielding savings account or investment? Who says you need to spend your tax refund? See your money grow.
4.) If you’re renting, you just might have enough to finally go get a home of your own. You’re already paying mortgage, just not yours, but your landlord’s. So might as well pay for your very own. There are just so many benefits to home-ownership that this is almost a no-brainer use for tax refund money.
5.) Donate & give back. It’s always more blessed to give than to receive. A lot of people out there these days could use a little help. You get tax credit for it too! That’s what’s called hitting 2 birds in one shot.
Now, if you’re doing well in all these areas, you have all the right to go reward yourself. You did well & you deserve it! Go on vacation, visit friends & family, buy that thing you’ve always wanted to get. You’ve worked hard & life is meant to be enjoyed.
I’d like to hear your ideas of how to spend those tax refunds. ‘Hope to see some of y’alls comments.