15-Feb

What should you do with your tax refund?

So you’ve gotten a refund…

That’s great! Chances are, you have an idea of what you’re going to do with it, right? If you’re not sure or maybe if you ARE sure, here are a few ideas on how you can spend it.

Savings

This is the most boring option but perhaps the most important. If you depend on your tax refund to make ends meet each year, it’s time to build up an emergency fund to get you out of that cycle. It is recommended to have at least 3 months of expenses saved for a rainy day, and many financial advisors recommend have 6-12 months of expenses ready in case something very bad happens.

Even if you have a robust emergency fund already, putting some money away, in an interest supported account,  to make yourself some more money is never a bad option. Investing can be a good option too!

Invest in Yourself

Thinking about a new car? Need a new mattress? Looking to go back to school maybe? Your refund can go a long way on making down payments for the things in your life that you might need. If there’s nothing on the immediate forefront, paying down some of the debt you currently have is always nice too, especially if you can eliminate a monthly payment. Or maybe if you’ve been thinking about starting a business, this is your chance to get it going.

Go Crazy and Treat Yourself

Let’s face it, you gotta take care of yourself but having a little extra cash to splurge is nice too. Build a gaming PC, take a vacation to somewhere you’ve never been, try some new hobbies, get yourself some good food!

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