It’s that wonderful time again: tax season. It’s always nice to be in that group that gets money back, no? But that creates a (happy) dilemma – what do you spend the money on? Here are the top items to spend your tax return on.
1. Pay off debt
Debt can be a scary thing. Whether it’s from credit cards, car loans or student loans, nobody wants to have debt looming over their heads. Put that tax return to good use and shrink or even eliminate those intimidating numbers. You’ll thank yourself later.
2. Save it
In a consumer-driven world, saving money is hard but essential. You should always be planning for the future! The money received from your tax return can be used to build (or rebuild) an emergency fund, it can be put towards your child’s college fund or even toward your own retirement fund. This option is not necessarily the fun option, but it is the smart one.
3. Home improvement
Being an adult means taking care of what needs to be taken care of, which includes investing in your home. Sometimes, things break and we have no control over it. That tax return could be used to install new flooring, upgrade an appliance or repair or buy a new air conditioner and heater. Wouldn’t it be nice to beat the California summer heat with a new air conditioning installation? Any of these options can improve the value of your home and maybe your quality of living.
4. Take a much-needed vacation
By far the most popular known thing to spend your tax return on is a vacation, but you know, maybe you need a getaway. Go away this weekend and unwind. With all the stress and panic and craziness this world has to offer, you can afford to focus on yourself every once in a while.
5. Spend it on something you want
Being responsible is all well and good, but sometimes you just need to go out and buy something you have been wanting. Maybe it’s that television you’ve been eyeing in the electronics section, or maybe it’s a nice dress for a night out, take your pick. It’s okay to be selfish every once in a while.
Regardless of what you spend your tax return on, make sure it counts. After all, you only get it once a year!