Not sure how to spend your tax refund responsibly? Instead of impulse shopping, consider spending your money on things that will give you a greater bang for your buck or contribute to your personal success in the long run. Here are a few ideas.
- Save for an emergency. You never know when an unexpected illness, car repair or job loss could occur. Without some money saved, these circumstances could become even greater hassles than they are already. If you don’t have a savings account yet, start saving now with your tax refund.
- Build an education fund. Perhaps going back to college has always been a dream of yours. This is your opportunity to start saving for those hefty college bills.
- Pay off debt. If you have outstanding credit card balances or medical bills you’ve put on the back burner due to limited funds, use your tax refund to pay what you can. Who wants to spend years paying for that flat screen TV anyway?
- Invest in home repairs. Your tax refund won’t be enough to rebuild your kitchen, but it will repaint a bedroom, replace a bathroom sink or upgrade your thermostat. These small enhancements can put more money in your pocket if you decide to sell your home in the future.
- Learn something new. Put yourself on a better path by using your tax refund for job training, educational conferences and career workshops. The more skills you have, the more marketable you are and the more likely you are to get a better job. Horizon Goodwill Industries offers free job training programs and services. You can learn more about them here.
- Invest in your health. Now is the time to get healthier by making appointments with your doctor or dentist, stocking up on healthier groceries or purchasing that treadmill you’ve been eyeing on eBay.
- Consider donating to others. No matter how tough our circumstances are, there are always people who have it worse. Instead of giving in to the temptation of spending your refund money on something you don’t really want or need, consider making a charitable contribution to people whose lives depend on them.
How are you spending your tax refund this year?