8 Things to do With Your Tax Refund


It’s that time of  year again, folks! If you’re one of the happy people who have a refund of any size coming back to them, this post is for you! I’m guessing you’ve already got that money spent in your head, but if you need some ideas for what to do with your refund this year, read on!

 

Start a Travel Fund

Where have you been dying to travel? Well you’re not getting there any faster just sitting here dreaming about it! Start a travel fund with all or part of your refund. Even if you’ve still got a long way to go, you’re more likely to reach your goal if you keep adding to a dedicated fund or account. Just picture yourself on that beach!

 

Increase Your Savings

Squirrel away some of that cash into your regular savings account. It’s nice to have some savings on hand for when those unexpected expenses or emergencies come up. You never know when you’re going to need it! Make a contribution to your savings for school or retirement. Or maybe you’re using that account to save for a down payment on a house, car or other expensive item. Get a little closer to that goal by adding some of your refund!

 

Car Maintenance

Regular maintenance is necessary to keep your vehicle safe and functioning properly. It’s easy to put this off if it’s not an emergency. Use your refund to get those new tires you’ve been needing. Have your alignment done. Get some diagnostics run on that problem you haven’t been able to pinpoint. If there’s nothing in particular that needs attention, bring your vehicle in for an oil change or fluid flush, especially if you’re planning any road trips this summer!

 

Treat Yourself

We’ve all got that fancy item we’ve been eyeing for a while, but haven’t pulled the trigger on. Maybe it’s that new TV. Maybe gorgeous designer shoes or a handbag. Or a new bike or other piece of sports equipment. Maybe you’d like a day of relaxation at a salon or spa. It could be that you’ve been wanting a nice new mattress or couch. Whatever it is, now might be the time to treat yourself!

 

Help Someone

If you’re getting a refund back this year, you might be in a position to give back this year, too. We almost all know a friend or family member who could use a little help. Even if you can offer them a small loan, I’ll bet the help would be very appreciated! Or maybe you’ve got a charity or other cause that you support. Consider parting with some of your refund to create some care packages for the homeless. My grandma drives around with a few bags full of essentials to hand out to those she spots on the side of the road. Buy a few packs of socks, granola bars, baby wipes, toothbrushes, along with anything else you think might be helpful and separate them into gallon resealable bags to keep in your car.

 

Surprise a Friend

If you’re like me, you’ve got a great group of friends and family to which you couldn’t possibly express your gratitude properly. That shouldn’t stop you from trying! Treat your friends and/or family to a nice dinner at a restaurant you love. Host a group for a meal or a wine and cheese tasting that you put together. Surprise a friend by getting them a pack of their favorite candy bars. Bring a bottle or three of a wine you think your mom would love over and have a movie night. Surprise your significant other with a weekend away somewhere you love or explore a new place you’ve never been.

 

Get a Jump on Gifts

Around the holidays, the expenses can really add up quickly. Spread some of the cost out  and set some of your refund aside for gifts that you’ll be giving throughout the year. Or buy some gifts ahead of time to beat the shopping rush and more expensive shipping costs. I find that my mind goes blank when it comes time to buying gifts. Write your ideas down when they come to you throughout the year, or purchase and store them until the time comes.

 

Pay Down Debt

Got some debt looming over your head? Why not use your refund to pay some of it down? It may not sound like the most fun way to use your refund, but you’ll thank yourself later! Think of it as paying for the fun or necessary things you already did. Pay off that nagging credit card balance or loan you’re dying to be rid of. Maybe someone was kind to you in a tough spot and you still owe them. Use this chance to pay them back and wipe the slate clean!

 

Happy spending or saving!

 

Anna

Did you treat yourself to something special with your refund this year?

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