It’s that time of the year again!
It’s time to file those tax returns. There are so many opportunities that a little extra money from your tax returns can give you. Why not put that money towards something fun or towards securing your financial future? Below are a few ideas that we have to help you figure out how to spend your tax return this year!
- Start an emergency fund. While this may sound boring, when an emergency comes you will be glad that you have it. Most experts suggest that you have at least 3-6 months worth of living expenses saved in your emergency fund. This ensures that no matter what emergency comes your way, you will be prepared.
- Pay off debt. Paying off debt is a phenomenal way to spend your tax return. One of the biggest financial goals of Americans today is to be debt free. Whether this means paying off credit cards or paying on your home or car loan, it’s always a good idea to take another step towards being debt free!
- Save for an upcoming expense. Be proactive and start saving now for those big item purchases that are to come down the road. Is your refrigerator old and run down? Is your vehicle going to need new tires soon? Get ahead of these large expenses by saving now!
- Put the money toward retirement. Saving for retirement is never a bad idea. Why not put your tax return toward your retiremet? We all dream of living out our retirement on a beach and drinking out of a pineapple for the rest of our days. Why not start working now to make this dream a reality?
- Vacation. Who doesn’t love a good vacation? Use your money this year to have some fun with the family! Perhaps you could save your tax refund for a few years and put that money into a travel fund or you could even use this year’s refund to go on a mini-trip.
- Do half and half. Why not get the best of both worlds? Why not save money and have fun? Save half of your refund and put it aside for a rainy day and take the other half and do something fun to create memories with those that you love!
We hope that these tips can help you figure out the perfect way to spend your tax return this year! Even during tax return season, we are Present for You!