Are you looking for ways to spend your tax refund this year? Consider these ideas.
Save it: Consider putting your tax refund into a savings account to save for a rainy day, or in case of a job loss or an unexpected expense.
Pay bills: You can use your money to pay off some debt on loans or credit cards.
Put it towards retirement: If you don’t need the extra money now, consider putting it towards your retirement funds.
Put it towards college: Kiplinger suggests using your refund to add to your or your child’s college fund.
Buy stocks: Kiplinger suggests using your tax refund to invest in stocks.
Boost your insurance coverage: Kiplinger recommends using the extra money to purchase flood and liability insurance, or any other area your policy is lacking.
Take a trip: Kiplinger suggests using the money to put towards a vacation. Pre-paying for your trip will allow you to not put the trip on your credit card.
Invest in yourself: You might want to use the money to spend on courses or certifications to help you further your career.
Buy things that help you save: Consider buying items that will save you money in the long run. “Time” suggests buying a coffee maker, as making coffee at home instead of stopping to buy coffee on your way to work each day will eventually allow you to save money. CBS also recommends buying a water filter instead of spending money on bottled water.
18 - Percentage of people who said smaller-than-anticipated inheritance was a derailer. Also, costly home repairs were reported (17%) and out-of-pocket medical bills (11%).
Splurge on a grill: CBS.com suggests buying a grill for your home. This will allow you to BBQ at home, which will allow you to eat healthier and save money instead of eating out.
Buy a bike: CBS.com suggests buying a bike with your refund. Biking more instead of driving your car will allow you to save money on gas while also providing you with a workout.
Give to charity: If you are OK financially and have no immediate need for something to buy, Kiplinger suggests donating your refund to charity. Plus, your donation will be tax deductible for next year.