Getting a tax refund is one of the greatest feelings in the world. Now, you have some extra money that you can spend on whatever you want. I see a ton of people getting new televisions, furniture for their home, vehicles, etc… Which, hey, I’m not knocking these people in any way, shape or form. I personally think it’s great that these people are buying something that makes them happy with their hard earned money. However, you have to remember that right now could be the perfect time to get out of debt, make home repairs, etc… I’m going to go over some of the best ways you could spend your tax refund that should increase the quality of your life.
#1. Pay an Extra House Payment
Did you know that if every tax season you took some of your tax refund and just paid an extra home payment you could end up paying for your home years sooner than expected and you could also save thousands upon thousands of dollars on interest costs. If you’re curious as to how much you could save, you can look at a mortgage calculator to figure it out.
#2. Pay off a Credit Card
Do you have a credit card that you feel like you’ve been paying on for far too long? It could take you years to pay off credit card debt if you’re just paying the minimum monthly payment. Consider just paying it off for good.
#3. Pay an Extra Payment on Your Car or Pay it Off Entirely
I’ve known some people that were able to pay off their entire vehicle loan with their tax refund. Now, they can use the money they were spending on a car payment to pay for other things.
#4. Go on a Vacation
Are you finding it really hard to get any much needed rest and relaxation? Consider taking the whole family on vacation with the tax refund. Hey, even a weekend away is a weekend away from your home.
#5. Do Something With Your Children That They’ll Remember Forever
Video games are expendable. Chances are your kid won’t even remember the video game in a year or two. Why not take your kids out for something that they’ll absolutely never forget? Consider taking them to ride horses, go on a hot air balloon ride, go on a weekend camping trip, etc… Ask your kids and see what they’d truly like to do.
#6. Make Home Repairs
Do you have something in your home that needs repaired, but you’ve never really had the money to do it? Now is the time to make all of those home improvements.
#7. Get Some Furniture for Your Home
I’m a stay at home mom, so I spend 95% of my time in the house. Chances are, if you’re a stay at home mom, you spend a lot of time inside, as well. Why not treat yourself to some new scenery in your home by getting some new furniture or redecorating?