It’s tax season and for some that means refund time.
The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this year, with almost 83 percent of those returns resulting in refunds…According to www.irs.gov.
So, what are you planning on doing with yours?
Some Americans actually do save this money but, there are also some real horror stories when it comes to tax refund usage.
Like, maxing out your credit cards during the holidays and now having to pay off debt or spending the entire balance on extravagant retail purchases. All this does is make you broke all over again.
Do you know what you are going to do with yours this year? Is it something productive or destructive?
Choose one or more of these 10 steps to help you make an intelligent decision with how you’re going to spend your tax refund.
1. Payoff Debt
Try to get your smallest debts paid off so you won’t carry these throughout the year. For example, I paid off the remainder of my car loan of $2,000 one year. Not only did this free up my money for the remainder of the year but it also eliminated the possibility of a repossession. This year I’m going to work on getting my credit cards paid in full. The balance isn’t much but, now I won’t have to worry about missing a payment and being charged those horrendous fees!
2. Beef Up Your Emergency Savings Fund
Set aside about 3-6 monthly expenses for emergencies. Have some money accumulating for the upcoming surprises life offers. Open a savings account with 50% of your refund or more. Do you struggle with saving money? Try opening an account at a separate bank to help fight the temptation of constantly making withdrawals.
3. Plan For A Big Purchase
Instead of wasting your refund on mindless or emotional spending intentionally put it toward a purchase that will truly matter and benefit you in the long run. For instance, summer vacations can be expensive. There’s the transportation cost, hotel stay, and other travel expenses. Or will you need a new appliance soon or new car?
4. Donate To Your Favorite Charity
When your heart is in a giving mood and you desire to donate to a local charity, now would be the operative time to do so with a portion of your refund. Giving can really feel good. It also brings more wealth into your life in more ways than possible. But, don’t feel guilty if you can’t currently give. It’s truly an individual decision.
5. Roth IRA
Most people already have a 401k plan through their employer. But, if you are self-employed make sure to open a Roth IRA where you can contribute up to $5,500 annually or $6,500 over the age of 49. If you want to do some separate investing as an employee you can also open an IRA. If you don’t already own a Roth IRA look into starting one with your refund.
6. 529 plan/Go Back To School
Collage is more and more expensive every year. If you have children don’t forget to invest in a 529 plan for their future education. Start as early as possible. You can distribute monthly to a 529. Add a little extra to the account when you get your refund. If you yourself are thinking about going back to school then use the refund to begin attending full-time or take a few classes.
7. Invest In Individual Stocks
You probably have heard of E-trade and Acorn. These are online investing platforms to invest in stocks and a bunch more exist that I haven’t mentioned. Once upon a time you had to be a big baller rockin thousands just to enjoy the ride of the stock market. Nowadays all you need is your phone and a few hundred dollars. This could be a great way to use part of your refund.
8. Home Improvements
Let’s say you’re looking to remodel your kitchen or bathroom, get a new deck built or finish your basement or garage. The cost can be very pricey if you hire a professional. But if you are the handy type, or have a family member who is then, you may want to think about a DIY project. I remodeled my master bathroom and bedroom and saved thousands doing it on my own.
9. Go On A Shopping Spree
Yes! You can go on that shopping spree! But don’t spend your entire refund on fun spending or you’ll regret it. Fun spending is money set aside just for that reason to have fun. You can buy clothes, shoes, designer purses, the latest electronic or anything else your heart desires. It’s good to have a balance with your budget and splurge a little. Enjoy spending on yourself.
Shop through Ebates and make some extra cash while you’re at it.
10. Start A New Business
Have you ever thought about being your own boss? Well, then what are you waiting for? Regret and procrastination has never gotten anyone nowhere. There are plenty of businesses you can open for around $1,000 or less. Start an in-home daycare, become a landscaper, save up to purchase a franchise, become a caterer or wedding planner. Another idea to look into…an online business. Research different online businesses to see if one is the right fit for you. Blogging, virtual assistant, freelance writer, e-book author, drop shipping, selling on eBay, ESL teacher, and website designer are just a few of the most popular businesses online.
Take Away…
However you choose to spend your refund this year remember to spend wisely. Hopefully one or more of these ideas will work in your favor. Maybe one might even spark a better idea to benefit you and your family.
When you do chose to spend your refund I hope your make a responsible choice that will enhance and not hinder your life.
Vox says
These are some really great suggestions! We’ve already booked 3 trips with our money! This is our last year traveling as a family, so we wanted to make it memorable. Thanks for giving me some other ideas. 👍🏽
Elisha says
You’re welcome
Jason Butler says
Those are some great tips. I wish I received a refund. If I did, I’d use it to pay off some of my debt.
Elisha says
I think that paying off debt is always a good choice.
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