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Okay, you filed your tax return and right now you’re sitting on a pot of gold. Well, maybe it isn’t a pot of gold, but it feels like it. And here you are once again, thinking about how you are going to spend this year’s refund check from Uncle Sam. Now, you could blow it and splurge on something you have been wanting or you could pay off bills. Or just maybe you could take a novel approach and make a few wise mini-investments which will pay dividends throughout 2015 and beyond.
The cool beans thing about being smart with your hard earned money is, some of these well thought out purchases actually feel like splurges! So, you actually get to satisfy that itch to spend and pamper yourself. Not only are these great investments for your home and family, they will benefit you for years to come. Check out 10 Smart Ways To Use Your Tax Refund {#MaxYourTax}.
10 Smart Ways to Use Your Tax Refund:
Each year as I grow older, I get smarter about my money. Growing up in a middle class family, we had money. However, my Mother was the spender and my Dad was the saver. So you can imagine the conversations that went on in our house when it came time to spend or save. Unfortunately, in my early adult life, I inherited the spending habits of my Mother. I quickly, and painfully, learned over time that many of the choices I made were NOT smart. Thankfully, also with time I reluctantly learned the hard way and became a saver. Don’t get me wrong, I can still spend money like it’s no tomorrow. But, I have learned the SMART ways to spend my money!
Here are four ways I plan to use my tax refund:
SAVE money! Now, saving money IS my number one priority. I want to have a big rainy day fund. I want to have a sizable bank account that is full of “making it rain” money for life’s little surprises and emergencies. I can honestly say I have been doing a decent job of saving money over the last several years. But this year my goal is to drop a nice amount of my tax refund into my savings account. I will also be putting some money towards my 52 Week Challenge Money Jar. {You should join, it’s an easy way to start saving money or continue to save money.}
Pay off debt. Would you be surprised to learn that paying of debt isn’t the first thing you should do in regards to your overall financial health? Like so many others I used to subscribe to this philosophy as well. However, over time and listening to some of the financial gurus like Suzie Orman, paying off debt is now the second priority on the financial health to-do-list. We don’t have a lot of debt, but we have accumulated several sticker shocking medical bills over the past few years due to life’s little misadventures, hiccups and boo boos, etc. (This is EVEN with insurance!)
Car Maintenance. We all know just how important having reliable transportation is, right? So taking the time and funneling some money to taking care of basic needs like a tune up, new tires or other routine maintenance is necessary in order to prevent more serious car issues down the road. It is a common practice to use one’s Tax Refund Money to make sure your car is in tip-top condition. Although keeping up with the basic oil change should be done on a monthly basis, this is also a great time to invest a little extra money to help your car go a little further.
Buy my son a smartphone. Our twins recently turned 12 years of age. And for their birthday they received a phone which they shared. That was a mistake. Kids? Sharing? What was I thinking?
Now, usually I am a reasonable mom. I would even venture to say I run a pretty tight ship. But after listening to the twins bicker back and forth over who would use their “shared phone,” I had an epiphany and thought to myself, “WHAT THE HECK DID I DO?” I realized that asking my boys to share a phone was almost like asking my husband and I to share the same underwear with me. IT JUST WASN’T GOING TO WORK!
So, What did I do? Because adding another phone to our already HIGH mobile plan was not an option.
Enter Walmart Family Mobile plan. I went over to Walmart and checked some of their newest phones, specifically the Samsung Galaxy Avant. I found this particular smartphone was reasonably priced and within my budget. I also love that Walmart Best Plans are affordable! For $29.88 I can get unlimited Talk, Text and 500MB of 4G LTE data. SOLD! PLUS you can add up to 5 lines ($5 per line) and mix and match the combinations to fit you and your family’s needs. And there is no annual contract. No overages. And no credit check.
The process of setting up Twin B’s new Samsung Galaxy Avant was pretty seamless. I found the phones in front of my Walmart store in one of the kiosks.
I purchased the phone and the SIM card. The customer service staff, Merida (who was super nice and helpful), was able to activate the phone right in the store and provided us with Twin B’s new cell phone number. This is a postpaid plan, which means I will receive a bill each month for $29.88 plus tax. Call me a mean or a smart Mom, but the twins have to pay a portion of their cell phone bill out of their allowance. Since I was able to get Twin B such an affordable plan, he will also be saving money by having the Walmart Family Mobile plan. I am determined that my kids will know the value of saving money at an early age.
So now, both twins are ecstatic that they no longer have to share a phone! If buying a phone or switching cell phone coverage is one of the items on your Smart Ways to use your Tax Refund list, with the Lowest Priced Unlimited Plans, I recommend you check them out!
Other smart ways to spend your tax refund:
Kids Summer Camps. Summer camps can be pricey for kids to attend. This is a great investment you can make to give your kids a fun experience and expand their horizons. The twins usually go to an Autism camp at the end of August, so I like to put a nice chunk of change towards their admission. This camp typically cost about $1200 per kid, but over the past few years I have seen them grow leaps and bounds by going. So while it is expensive, it is worth it!
Updated Laptop or Tablet. A new updated laptop or tablet is always an excellent choice for you and your family. Not only can it be for a single person to use for school or work, it could potentially be something the whole family can enjoy together.
New Furniture. Whether it is a new comfortable bed, or a brand new sofa and recliner new furniture is always a good choice. Especially if you have kids that have caused wear and tear on your existing furniture. Make investments in solid pieces that will last for a long time, and throw in the extra fabric protection if possible.
Upgraded Appliances. New appliances are always a great investment, especially if yours have seen a lot of wear an tear. Energy efficient appliances and deep freezers are great choices to help your overall budget.
Exercise Equipment. This is one of the best health investments you can make. A treadmill, elliptical or even a set of new bicycles for the whole family to enjoy together can all be great choices.
Amusem*nt Park Passes. If you have a great amusem*nt park nearby, invest in passes for the whole family so you can enjoy the benefits on a regular basis.
Buy a new car. Depending on the mount of your tax refund, you may be able to invest in a brand new car, or a new to you gently used car. This can give your family a safe mode of transportation or the extra car that is always needed when teenagers are involved.
This year put your tax refund check to good use by investing in one of these great ideas. I’ve shared my top four ways I’m going to be smart about my Tax Refund, so now it’s your turn!
Are you expecting a Tax Refund this year? If so, what are some ways you plan to use it? Leave me a comment below! I would love to hear what you have to say!
