Trips to Blow Your Tax Return On: How to Spend Your Tax Refund | Oyster.com (2024)

According to the IRS, the average tax refund is around $3,000. At Oyster, we like to think of these yearly windfalls as zero-effort travel funds. Let's just say $3,000 can cover some big bucket-list turf, making those far-flung places suddenly a "book now" button away. While we're waiting on that deposit, here's a dreamy list of seven trips and their budgets, so you can see the possibilities. Your biggest problem could be narrowing down these choices to just one.

1. Witnessing the Northern Lights in Iceland

There’s a reason Iceland is used as the backdrop for many popular TV shows: The landscape makes anything epic. From glaciers and hot springs to charging waterfalls, the vistas here are simply breathtaking. And if you time your visit around the end of the year, you might even be treated to the cosmic pyrotechnics otherwise known as the Northern Lights. A seven-night stay at the Frost and Fire Hotel gives travelers ample opportunity to explore the area (or, fingers crossed, see Aurora Borealis), and two geothermal hot tubs are on hand when you need to warm up from your expeditions.

Hotel: Frost and Fire Hotel, $300/night; Airfare: $500

Grand Total: $2,600

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2. Cruising by Glaciers in Alaska

With glaciers, snowy mountain peaks, and regular appearances from bears and bald eagles, Alaska is the Nature Channel come to life. It’s precisely this backdrop that makes it so bucket-list worthy. And while the terrain can be harsh and hard to cover, it’s easy to take it all in from a cruise deck. Cruise travel also makes it affordable, as the price tag includes travel, accommodations, and food in one number. A seven-day Alaska Explorer trip on Holland America’s Eurodam does a loop from Seattle to Juneau and back. Even if you’re flying in from the east coast, it isn’t a budget-buster, and you can spend the night in the city before heading out.

Cruise: Holland America’s Eurodam, $1,080; Hotel: Kimpton Hotel Vintage Seattle, $200; Airfare: $300

Grand Total: $1,580

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3. Hiking in Incan Footsteps at Machu Picchu

Considered one of the seven wonders of the world, Machu Picchu stands as an icon to a lost Incan empire. This massive complex of ruins reflects a full society complete with fountains, squares, royal houses, and even a cemetery.And its setting, up and away in the Andes Mountains, carries the type of mystical qualities that make it feel like a dreamscape. While airfare here can seem steep, comfortable hotel accommodations are affordable enough that even if you stayed a week, you’d have enough funds left over to hire a private tour guide.

Hotel: Casa Andina Standard Machu Picchu, $130/night; Tour: $350; Airfare: $800

Grand Total: $2,060

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4. Going on an African Safari in Botswana

Many travelers believe that safaris are strictly the domain of one-percenters. But trust us, you don’t need private-jet wealth to go on a safari; you just need a healthy tax return. Even a luxury outfitter like &Beyond can be booked, provided you can be flexible about your dates. If you’re able to book a last-minute April trip, a two-night safari in Botswana can run you just over $1,400. That price includes everything: lavish accommodations with a private plunge pool, outstanding food, and guided excursions to see lions, hippos, and other wildlife.

Safari: andBeyond Xaranna Okavango Delta Camp, $1,420; Airfare: $1,402

Grand Total: $2,822

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5. Seeing Temples in Chiang Mai, Thailand

Yes, a plane ticket to Chiang Mai, Thailand, is almost guaranteed to cost a grand up front. However, like many destinations in Southeast Asia, the flight is the biggest expense. The hotels here are inexpensive enough that even one as lovely as the luxury Ping Nakara will only set you back $150 a night (or $1,050 a week). And Chiang Mai is cheaper overall compared to phu*ket or Bangkok, and less crowded to boot. But you’ll still find the buzzy night bazaars, ancient temples, and street eats that make Thailand a once-in-a-lifetime trip.

Hotel: , $150/night; Airfare: $1,035

Grand Total: $2,085

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6. Trekking the Great Wall in Beijing, China

The multicultural action-adventure movie “The Great Wall” may have been a flop, but it proved one thing: This Beijing monument is always ready for its close-up. The wall itself, rolling over 13,000 miles of hillside, seems to undulate up toward the heavens. And while you’ll need some strong legs to cover all the stairs, you won’t need a ton of cash. Flights to Beijing can be just three figures, and pentahotel Beijing offers straightforward, modern digs that clock in at $100 a night.With those prices, there’s enough money left over to hire a private tour guide and pig out on this capital city’s legendary dumplings and noodles.

Hotel: pentahotel Beijing $100/night; Tour: $349; Airfare: $971

Grand Total: $2,020

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7. Visiting Lavish Landmarks in St. Petersburg, Russia

No place does over-the-top opulence like Russia, and St. Petersburg is a master class in the “more is more” aesthetic.Whether it’s Catherine the Great’s art collection in the Hermitage Museum, the Peterhof Palace (a.k.a. the Russian Versailles), or the gilded top of Saint Isaac’s Cathedral, each site feels completely bathed in splendor. To see this pomp on a smaller scale, travelers should visit the Fabergé Museum. The Mariinsky Theatre is also a must-visit for ballet and opera lovers. A summertime flight to this city is just over a thousand dollars, leaving enough in the budget tostay in the preposterously grand Four Seasons for five nights.

Hotel: Four Seasons Hotel Lion Palace St. Petersburg, $350/night; Airfare: $1,036

Grand Total: $2,786

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You’ll Also Like:

  • Everything You Need to Know Before Visiting the 7 Wonders of the World
  • 6 International Trips That Are Cheaper Than a Weekend in NYC
  • 8 Bucket List Cruises Every Traveler Should Take

All products are independently selected by our writers and editors. If you buy something through our links, Oyster may earn an affiliate commission.

Trips to Blow Your Tax Return On: How to Spend Your Tax Refund | Oyster.com (2024)

FAQs

How to spend your tax refund? ›

5 smart ways to invest your tax refund
  1. Boost your emergency fund. There's some debate about which should be done first — paying off high-interest debt or having an emergency fund. ...
  2. Contribute to an IRA. ...
  3. Pay off debt. ...
  4. Contribute to a savings account – to save for key goals. ...
  5. Investing and building wealth.
Apr 15, 2024

How to get $7000 tax refund? ›

Requirements to receive up to $7,000 for the Earned Income Tax Credit refund (EITC)
  1. Have worked and earned income under $63,398.
  2. Have investment income below $11,000 in the tax year 2023.
  3. Have a valid Social Security number by the due date of your 2023 return (including extensions)
Apr 12, 2024

Is it possible to get a $10,000 tax refund? ›

You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year.

What not to do with tax refund? ›

7 Ways to Spend Your Tax Refund That You Should Avoid
  • Unneeded Material Things.
  • Casinos.
  • Don't Put It in Your Checking Account.
  • Don't Use It on a Car You Can't Afford.
  • Refund Advance Loans.
  • Paying Off Credit Cards You'll Max Out Again.
  • Excessively Expensive Vacations.
  • Tips for Using Your Refund Wisely.
Mar 30, 2022

Can you use your tax refund to pay back taxes? ›

Your tax return may show you're due a refund from the IRS. However, if you owe a federal tax debt from a prior tax year, or a debt to another federal agency, or certain debts under state law, the IRS may keep (offset) some or all your tax refund to pay your debt.

Can you use refund money for anything? ›

Other essentials that a refund check can be used for are investing in a college fund for graduate school or using it to pay off other debts, such as credit card debt. Remember, your school gave you financial aid because they thought you'd need it. Don't feel bad about spending your refund check if you have to.

How do I withdraw money from my tax refund debit card? ›

You can also get cash from your card at ATMs, banks and credit unions, and participating stores. Cash from an ATM: There's no fee to withdraw cash at in-network ATMs that carry the Allpoint or MoneyPass brands, but fees may apply if you use an out-of-network ATM.

What is a smart thing to do with your refund? ›

Use your refund to purchase energy-efficient appliances, such as a dishwasher, dryer, or refrigerator, which can save you money all year long. Start a college savings plan. If you have children, consider using the funds to open an Education IRA or 529 college savings plan.

What is the average tax return for a single person making $60,000? ›

If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. That means that your net pay will be $46,347 per year, or $3,862 per month.

Is it possible to get $20,000 back in taxes? ›

Keep in mind there's no limit to the size of a tax refund. You can even get a bigger tax refund than what you already paid in taxes.

What is the highest tax refund? ›

According to Lending Tree, high-income taxpayers in the $500,000 to $999,999 bracket received the biggest total dollar amount refund—an average refund of $35,128 in tax year 2020.

Why do some people get huge tax refunds? ›

However, the size of the refund you receive depends on a wide range of factors. Things like how much money you earned, how much you paid into taxes and what expenses you faced throughout the year all play a role. Moreover, if you're a homeowner, you may be able to increase your tax return even further.

How do some people get huge tax returns? ›

Specifying more income on your W-4 will mean smaller paychecks, since more tax will be withheld. This increases your chances of over-withholding, which can lead to a bigger tax refund. That's why it's called a “refund:” you are just getting money back that you overpaid to the IRS during the year.

Should I keep my 20 year old tax returns? ›

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

How do you spend tax money wisely? ›

Ways to spend your tax refund wisely
  1. Pay off high-interest debt. One of the best ways to spend your tax refund is to pay off high-interest debt, like credit cards and some student loans. ...
  2. Create or contribute to your emergency fund. ...
  3. Save for your children's college education. ...
  4. Save for retirement.
Apr 1, 2024

Is a tax refund a good thing? ›

Is getting a big tax refund a good thing? No, some financial experts and taxpayers say, because it means you're giving up too much of your paycheck to taxes during the year. If less is taken out for taxes, you'll get a smaller refund but more money in each paycheck for expenses or saving and investing, they argue.

How much of my tax refund should I put in savings? ›

For years, financial experts have recommended that people squirrel away three to six months of expenses in a money market or savings account for that rainy day — or year.

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