Taxes are definitely a pain to file. I JUST got ours done and so glad that chapter is closed for at least a year. Every year people either love or dread this time determined only by the fact if you get a refund or not.
Sorry if you don’t 🙁
Yay if you do!
But not so fast! There are smarter ways to spending it rather than blowing it shopping or even a family vacation.
1. Pay off debt! I can’t stress this enough. Think about it this way. If you pay off two items that you pay on monthly, that much money is freed every month for something else. It takes so much pressure off your family. Don’t know what to pay off? Start with the highest interest items.
2. Refinance your house. Home mortgages are at an all time low. However, to refinance, you usually have to pay some money down. This is a great use of your tax refund. You can potentially save hundreds of dollars a month.
3. Invest it. It’s always a good idea to invest more into your retirement account.
4. Home improvements. If you own your home, any time you can do improvements is awesome. Even a small improvement can give you a much larger return in equity. For example, my parents spent $4,000 a few summers ago on some home improvements which was valued at over $10,000. It really helped when they sold their home.
5. Give! This doesn’t just benefit the receiver. Your gift is tax deductible! Start the year off right by giving to others and benefiting others.
What do you plan to do with your tax refund?
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