how to use your tax refund

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What Should I Do With My Tax Refund?

Are you one of those lucky people who got a tax refund? Before you blow it on things you really don’t need, take a pause. Then, check out these 7 options for what you could do with your tax refund:

 

1)      Have some fun. Really? That’s allowed? Of course it is! It’s your money. You worked hard and you deserve a small splurge. Just keep it reasonable. Think of something that you really enjoy but don’t do often—because of the money. Maybe it’s a night out or a weekend away. Look for bargains and discounts, and ways to save money, but go ahead and have a little fun.

 

2)      Add to your emergency fund. What do you mean you don’t have one? Well it’s about time you did. Financial experts recommend that you have a fund that would cover at least six months’ worth of bills in case you become sick or injured and can’t work. If you don’t have any—or not enough—use your tax refund to start building it up.

 

3)      Invest in yourself. Maybe you have a good job, but you want a great one. What’s holding you back? Take a course or find a program that will give you the knowledge and skills that could help you advance your career. And if you’re still stuck in a dead end job, now’s the time to build an actual career. Education could be your pathway there.

 

4)      Pay down your credit cards. Whether you owe $200 or $2,000, credit cards sap your savings and cost you money in high interest. You should try to pay off the entire balance every month. But if you’ve missed the mark on that goal, now’s the time to make things right. Use your refund to pay off your balance and set your good credit back on track.

 

5)      Make a payment on your school loans. The more you pay toward the principle of your loans now, the less you’ll pay over the life of the loan. But before you throw a lump sum on the first note in your file, take a look at each loan. Choose the one with the highest interest rate to pay off first.

 

6)      Build for retirement. It’s never too early to start. Even a small amount of money put away every year can add up. If your work offers a retirement plan like a 401K, jump on board. Then, use your refund to add to it. You can also start your own Individual Retirement Account (IRA). Consider mutual funds that combine a variety of stocks, bonds, and other investments, but be sure to consult a professional.

 

7)      Make a big purchase. If you’ve put off buying that new dryer or your car is on its last gasp, it may be time to buy what you need. Do your homework though. Thoroughly research whatever product you’re planning to buy and take your time.

 

If you’re thinking of investing in your education, check out all the programs available at Charter College. We offer on-campus and online options. Request more info or give us a call and we’ll answer all your questions: 888-200-9942.