Smart Ways to Spend Your Tax Refund

Share

Tax day is two weeks away, and hopefully you’ve file by now. If not, get on that!

If you are lucky enough to receive an income tax refund this year and not owe any money to the IRS, then congratulations! Everyone enjoys the thrill of receiving a big check or extra money they didn’t plan for.

Once you have that extra cash in hand, what do you do with it instead of just blowing it all at an impulse?

Here are some thrifty suggestions on how to put your refund to good use:

  • Pay your monthly bills
  • Pay off credit card debt
  • Make extra payments on other debt like student loans or mortgages
  • Start an emergency fund or add on to yours
  • Start saving for a big purchase or financial goal
  • Invest
  • Pay cash for a big purchase instead of buying on credit (car, furniture, appliances, etc)
  • Do something fun or interesting you’ve always wanted to do

I used my refund this year to pay extra on my student loans. How will you use your?