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4 Best Ways to Use Your Tax Return Money!

March 15, 2024

by Kimberley Roberson

Ah, tax season—a time when many of us breathe a sigh of financial relief. That tax return feels like a windfall, a serendipitous boon in our bank accounts. It’s tempting, isn’t it? To splurge on something lavish, to treat it as a ticket to an extravagant adventure.Imagine channeling that excitement into securing a more prosperous future. Your future self, basking in the glow of well-made decisions, will thank you.


Here are a few strategies to ensure your tax return serves not just the you of today, but your future self, enabling you to “live well financially.”


  1. High-Interest Debt


Credit card debt, with its compounding interest, can feel like an insurmountable burden. Using your tax return here is akin to wielding a financial weapon—each dollar you pay off is a dollar you’re not paying interest on. This not only raises your credit score but also aids your monthly budget making room for more peace of mind. Remember, freeing yourself from the burden of credit card debt is perhaps the biggest investment in yourself you could make.


  1. Enhance Your “Rainy Day” fund


Life, in its unpredictableness, can sometimes feel like a “series of unfortunate events.” A robust “rainy day” fund is your umbrella, a financial buffer  against  unforeseen expenses. Imagine the peace of mind knowing that when life throws a curveball—be it a sudden car repair or an impromptu “teenager needs a car” ceremony—you can handle it without breaking a sweat (or the bank). Padding your emergency fund with your tax return will help you keep calm during unforeseen life.


  1. Home Improvement.


While the allure of stocks, IRAs, and crypto beckons, let’s not overlook the environment your spend most of your time in: your home. Enhancing your home not only uplifts your daily life but can also be a savvy investment. Whether it’s fixing that leaky faucet or transforming a dreary kitchen into a culinary haven, these upgrades can invigorate your living space and potentially increase your home’s value. We often forget – the ambiance of your home has a profound impact on your well-being— and is a worthy investment.


  1. Invest in Yourself


Whether it’s sharpening your skills with new courses, embarking on a rejuvenating beach trip, or simply starting a fund for the Christmas holidays, these experiences enrich your life in invaluable ways. Don’t underestimate the power of investing in your health and wellness, either. High-quality nutrition, fitness, and even those splurges that spark joy can all contribute to a healthier, happier you. Such indulgences are not mere expenses; they’re investments in your most precious asset.

However you decide to spend your tax return, take a moment to consider this opportunity as a way to “bless’ ‘ your future self. By using strategic decisions for your particular season of life or circumstances – choose the path that will help you reach your financial goals. Whether you choose to pay down debt, save for emergencies, invest in your home or yourself, each choice can contribute to a more secure and fulfilling life. The key is to plan and use this windfall in ways that align with your long-term goals, helping you live well financially and personally.

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