Tax season is here again.  Contrary to popular belief, many of us will be getting a nice refund.  Here are some tips on smart ways to use that extra cash.

  1. Pay Off Debt.  Pay off as much of your credit card debt as you can and you’ll be starting the year off on a financially good foot.  It’s not pretty, but it’s a great way to use that extra cash.
  2. Invest in College.  Saving for college is money well saved, especially with tuition rates going through the roof.  How about signing up for a course that will help boost your career?  Who knows, it could get you that sought after raise!!
  3. Start an Emergency Fund.  It’s recommended each of us have a savings put aside to cover 3 months of mortgage/rent, utilities, groceries, and other essentials.  Consider putting aside a savings account for emergency expenses that may arise txl
  4. Throughout the year – car breaks down, pet gets sick, etc. the things we don’t plan for in our normal budget.10 Smart Ways to Spend Your Tax Refund
  5. Remodel a Room.  With many of us spending more time at home in the winter months or going out less to save some money – putting some cash into your home is a great investment.  Perhaps it’s replacing that old living room set or putting a fresh coat of paint on the wall.
  6. Visit Family or Friends.  Time goes by so fast, why not putting some of that money aside to visit family and friends?   Reconnecting with family and friends can really refuel our emotional and physical well being.  Pick up the phone and set a date!
  7. Get Insurance.  Life, Health, Auto, Disability – if you’re not insured, get insured.  This is money you can’t afford to not spend – protect yourself from life’s ‘what ifs’.
  8. Toss that 20yr old Mattress.  Throw out that old worn out mattress and invest in a new mattress set.  The science shows that a good night’s sleep can drastically improve our physical and emotional health and wellness.  We spend a third of our life sleeping – do it in comfort, you’re worth it!
  9. Get Something Fixed.  Leaky faucet, broken muffler, busted screen – why not use some of that money to get a tune up for the car or spruce up the house?  Regular maintenance on your home and car can keep help prevent the need for costly repairs.
  10. Donate to a Charity.  Times are tough for a lot of folks.  Donating even if just a small amount to a charity can really go a long way and you’ll feel good knowing you’re helping others.  Don’t forget to keep your donation receipt for your tax return next year, you can probably write it off.
  11. Splurge a Little. Ok, so we saved the fun stuff for last – it’s ok to splurge a little with that extra cash – a new dress or a manicure, but put the bulk of your refund toward more sensible investments – you won’t be sorry.