5 Things To Do With Your Tax Refund This Year
So this month is Tax Season and some people love this season and others hate it. For me, tax season means money and I often see my tax returns as money I have saved up! So I thought I would do a few tips on how to spend your tax returns!
View Your Tax Returns As Money That You Have Saved Up or as money that has been gifted to you. I find that when I view my taxes as savings, I tend to use it very responsibly. Viewing your money this way allows you to make better choices.
Pay Off The Debit You Have. Using your refund to pay off debit is such a good thing. Number one, it is a lump sum of money that has been given to you which can be very helpful in paying down debt. Number two, it is probably unlikely that you will have this kind of money again this year. So, use it wisely!
Put It Towards Buying A Home or first and last for renting a new place. Saving for a home or for paying first and last can be very tough. Sometimes depending on the kind of job you have, it may not allow for you to save up for such big investments. So use this as an opportunity to put this money towards building a home for yourself.
Put The Money Away! If you have an issue with saving your money through out the year, then use your refunds as savings! This allows you to save up without having to do so much working during the year. Also, invest your refund, put it into a RRSP, 401K, Mutual funds, or invest it in something! This, I think is one of the best things to do with your money!
Treat Yourself. I have listed above a lot of responsible things but sometimes treating yourself is a responsible thing! So, have you been wanting to go on a trip/vacation? Have you been wanting a certain item or to purchase something you have been eyeing for a long time? Then it’s the time to do it! Since it’s money that has been given to you, use it however you please; especially, if you have paid down debts and have a healthy savings account; there should be nothing wrong in treating yourself!
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