Western Fraternal Life :: Smart Ways to Spend a Tax Refund

Smart Ways to Spend a Tax Refund

Mar 25, 2016

Are you getting a refund back from Uncle Sam this year? Rather than splurging on a whim, consider making some smart moves with that money. Here are some ideas that are a good use of your refund.

1. Pay the Doctor

If you have a large medical bill that you cannot pay immediately, be sure to talk to your doctor’s office or hospital about a payment plan. If you have a remainder on your payment plan, now is a great time to turn your debt to $0.

2. Maintain Your Ride

A tax return may give you the money you need to schedule that oil change, change your tires, or attend to a range of needs for your vehicle that you’ve been putting off.

3. Fixer Upper Time

Everything from roofs to carpets, what do you need to invest in to keep your home in shape for the weather and looking great to maintain its value? Now is a great time to invest in those expenses that can make a long-term difference. You can also tackle smaller plumbing projects or similar items.

4. Build a Rainy Day Fund

Things are going to happen throughout the year, be it a medical expense, car repair, or surprise destination wedding for your cousin. Be prepared for the unexpected by establishing a savings account you will only touch when its needed, and, if you can, make a commitment to put $20 of every paycheck into the same account. Before you know it, you’ll have your little emergency fund.

5. Don’t Forget Fido and Fluffy

Your pets need regular checkups and shots, just like the human members of your family. These appointments will keep your four-legged friend healthy and more likely to live a long life. Schedule those appointments yearly, and budget in for regular grooming for pets that need it. Not only does regular grooming keep your pet looking great, but it will save you from having as much fur around the house and on you!

Category: Budgeting

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