Haven’t Spent Your Tax Return Yet? 5 Things to Use the Money On

Wednesday, April 30, 2014, 1:00 AM | Leave Comment

A tax return is a beautiful thing! Tax season is the time that you get your hard earned money back if you over payed your taxes. If you haven’t spent yours yet, you might be wondering exactly what you should do with it.

You could put the money into your account and just spend it here and there, but if you really want to take advantage of your tax return, there are some great things you can use the money on.

Haven't Spent Your Tax Return Yet

  1. Get Rid of Debt

    If you are carrying a debt, you should consider using your tax return money to pay down debt or pay it off entirely. This will have a positive impact on your credit score, which means you can qualify for a lower interest rate when you make your next big purchase. You might also find that you sleep better at night knowing your debt is no longer hanging over your head.

  2. Make It Work for You

    You can make your tax return work smarter and harder for you. Consider investing you tax return money to make a profit. If the stock market scares you, work with a professional financial planner to help you choose wisely. After all, you don’t want to lose this money; you want to double it or triple it. If you invest in less risky stocks, you can make money over time.

  3. Buy a New Ride

    Another good use for a tax return is a down payment on a new car. If you put down a substantial amount as a down payment, your monthly car payment will no be so very high. You can look for cars online or at a local overland park car dealership. You may be able to get a very nice automobile for an affordable monthly payment. Imagine being able to drive a reliable, safe car each day.

  4. Use It for a Down Payment on a Home

    You can also use your tax refund to put a down payment on a house. You will not be able to get a loan unless you have a down payment, so this is a good way to get the money for that purpose. If you make a smart home purchase, you can sell the house down the road for a profit, which means you can turn your tax refund check into even more money.

  5. Invest in Yourself

    A final way to use that tax refund check is to invest in yourself. If you are trying to get ahead at work, you might pay for a college course or for foreign language lessons. If you dream of opening your own business, use the money to get started buying merchandise or advertising. There is always room for self improvement.

Don’t waste your tax refund this year. Use it to make your life better in some fantastic way.

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