The feeling of receiving your check from the good ole IRS can be an incredible one. First of all, it is always great to know that they will be paying you back some of your hard earned money that was put in, but best of all it means you can finally do what you have putting off all year long whether it be paying down some frustrating debt or going on one big shopping spree.
The first and perhaps the hardest thing you will have to decide is will you spend the money responsibly or throw responsibility to the wind by simply enjoying it. After all, it isn’t everyday you have so much “extra” money now is it? Or is this extra money at all?
If you’re looking for the honest answer, no your tax refund check is not technically extra or free money. You had this money taken out of your checks with a pretty good chance that you paid even more than you received. However, you can count yourself lucky that you received anything at all, so this would open to doors to the idea that it just might be extra money.
So, now that we have covered those bases it is time to talk spending. What is it that you feel would be the smartest move on your part when it comes to spending your cash? How about trying a few of these responsible ways of spending your tax refund:
Multiply It by Investing
People today are becoming much more aware of the advantages to investing their money wisely. You can even use certain sites that help you reduce the risks as much as possible. Brokerage companies are a great place to learn different options to try and make money on your money.
Put It Away
Saving money is the hardest thing to do when you don’t have it which makes it such a great thing to do with your tax refund. Not only will saving it benefit you at a later time of financial need, it will gain interest if put into the right account. Contact your bank to see what your best option is with the amount you have to put back.
Put It into Medical
Whether it is investing in medical insurance for the whole family or just getting a check up done this could be the most beneficial way of spending your tax refund. You could have everyone checked out, along with getting teeth cleaned, hearing and eyesight checked, the whole nine yards. This could actually save you money for the next year by reducing the chance of medical surprises that seem to always show at the worst time.
Every year there seems to be something that just explodes without any warning. Instead of waiting for this to happen, go ahead and replace anything that is getting old or worn out. Even if it has a lot of life left, wouldn’t it be nice to have the newest model? Some things that can look into replacing are:read review here!
• Washer and Dryer
• Computer or Equipment
• Cleaners – Vacuum, Steam Cleaner, Carpet Cleaner
Some energy companies even offer refunds for purchasing energy efficient models.
Pay Off Debt
Paying off a credit card is like earning that interest in a bank. “Make” 18% a year by paying off your “18%” credit card.
For those looking to thoroughly enjoy their extra money there are literally hundreds of ways to do so. Check out some those less responsible, but oh so fun ways of spending your tax refund:
Family Shopping Spree
This is the most popular choice since everyone in the family, both young and old, can truly enjoy themselves while buying things that entertain for years to come. Children can buy that new toy they have always wanted, teenagers can invest in all the latest CDs and DVDs, and parents can buy some relaxing gadgets to massage away the pains of working, raising children, and all the stresses in-between.
Weekend Play Money
Instead of spending it all right away, divide into four to be spent every weekend for a month. Maybe a trip to the Zoo, Museum, Theme Park, or anywhere else that everyone in the family would find interesting. Better yet, don’t plan, just do. Instead of trying to figure out how every penny will be spent, just go out there and have fun. Be careful, that money will go much faster than you could ever imagine, but the family time will prove worth every bit of it.
We all need one, and now you can have one without having to cut any out of your already tight budgets. Just plan it, and go. It is that simple when funding it with your tax return. You could even make sure everyone comes back with a little souvenir. Here are some wonderful places that the entire family could enjoy.
• Disneyland or Disneyworld
• Six Flags Theme Park
• Relaxing Stay on the Coast – You choose which one, they are all beautiful!
• Backpacking in the Mountains
• Camping in one of the Real Forests
Family Adventure Week
Put the money aside for a week that can be taken off work to totally enjoy some precious family time. Plan an event for every single day and make it something you don’t typically get the chance to do, even a little silly maybe.
• Go Hiking
• Spend the day Sight Seeing
• Enjoy a full day in an Arcade
• Take the Family Bowling
• Visit all Local Tourist Attractions
• Have Fun at a Theme Park
• Go See Movies All Day Long
One Awesome Purchase
Every family has a hobby that everyone can agree on. Why not buy one big item that everyone will enjoy just as much.continue reading this http://abcnews4.com/news/local/sc-tax-refunds-delayed-to-fight-fraud
• Big Screen TV
• Surround Sound System
• Games – Pool Table, Arcade Game, Gaming Console, Air Hockey Table, Ping Pong Table, Tons of Board Games
• Buy an Entire Video or DVD Collection to enjoy tons of peaceful family time.
If you are undecided on what to do with your tax refund then be responsible and have fun at the same time. Try this formula as a start for dividing your tax refund money:
For simplicity sake lets say you receive a check for $1,000.
15% Investment – $150
15% Savings – $150
20% Family Fun – $200
50% Spending – $500
As you can clearly see a thousand dollars can go a long way if you set your mind to making it happen. Above all remember that with investments and interest through savings accounts you can turn that simple $300 into even more!