Majority of taxpayers are expecting some extra cash in coming month. Usually, March and April means, time to see a good sized check in mailbox. And many of you’ve already planned to utilize the money on some usual tasks such as paying off debt, refinancing mortgage, buying life insurance so on. But, I think all of you’re already much concern about these factors. So, what are the other things you can do with the help of this extra cash? Lets find out.
7 Other ways to spend your tax refund money
Those who’re paying their financial obligation with the tax refund money is absolutely on the right track. This type of wise decision will surely improve your financial situation in long run. In addition, you can make some reasonable decision too. Such as:
1. Make some personal improvement
There are many degree or certification courses available such as language course, PHP, Java, computer knowledge, grooming classes so on. This type of courses will give your career a potential boost. These type of classes can be completed within short duration and also have facilities of evening classes, extra classes as well. So, you can easily make an adjustment according to your work schedule. So, you can complete your long desired courses with the help of your tax refund money. Thus, you can get better jobs with fair salary as well. I think, nothing can be better than this.
2. Take an advance step toward child’s education
If you want to fund on your child's education, then open a child plan account with the money from your tax refund. The money will grow day by day. This will actually help your child in future. They can concentrate on their studies instead of loans. Remember, this types of financial move can reduce your future burden.
3. Save for future buying
If you’re planning for a major purchase such as buying a car, replacement of a car, then you should save your tax refund money in your savings account. Thus, you can avoid a loan which is required to replace or buy a car.
4. Use money on home improvement
This is one of the best idea if you’re planning to sell your home. You can use the money on home improvement to get some potential customer. Spent the money on repairing, remodeling the bathroom, kitchen upgradation, etc. Thus, you can boost the value of your home as well.
5. Buy things in bulk
Stock up household things or daily used things. Buy in bulk so that you can get discounts on items. You can stock up things like kitchen products, bathroom items, washing products so on. Your dealer can give you big offer as you’re going to buy in bulk!
6. Prepay your vacation account
If you feed your vacation account with the money from tax refund, then you can make a plan for long and luxury vacation after a certain time. I think, this is one of the wise idea to save money for vacation instead of using credit cards and paying interest for long time. Keeping a separate account for vacation or other expenses such as (gifting, renovation) is always a wise decision and appreciable by financial experts.
7. Go green with the extra money
Use the money to make some green investment in your home. You can replace all light bulbs with LED lights. Apart from these, introduce a programmable thermostats, air seal in your home. Thus, you can reduce current consumption and monthly electric bills as well. You can buy some updated kitchen appliance such as deep freezer or a stand mixer, that can help you to cook fast and eat at home. Thus, you can minimize the restaurant bill as well.
Conclusion
Above all, I will suggest, spend the money on something that you want. If you’ve already meet some of your requirement and still have some cash in your hand, then you deserve a celebration or something that you can enjoy. Thus, you might feel rewarded after doing hard work (saved money throughout the year). Give a nice treat to your family on a nice restaurant, Plan for a small trip and enjoy a break from work. Gift yourself with something nice (a cell phone, LED TV, classy sunglass). Give your child a video game (long awaited). Their smiling face can give you positive energy to start a new journey with enthusiastically. Just don’t make over expenses. Limit your budget (may be 15-20%) and have fun with your family.
