Tax refunds can be so much fun! It is fun to dream about what you are going to do with it and exactly how you can spend it! It feels like extra money that comes out of nowhere and it is nice to plan ahead on how you are going to spend it! *affiliate links
Here are 10 Awesome Ways to Spend Your Tax Refund!
1. Save for an emergency fund – If you have ready anything by Dave Ramsey he believe the 1st step should be 1,000 emergency fund. This provides a way to have a cushion if you have something urgent come up. Urgent means urgent house repair (like a leaky roof), a medical emergency, or a car repair.
2. Vacation/Staycation – If you are caught up on everything and you can afford to, using your refund for a family vacation can be a fun way to spend it! This is a great time to plan on a fun trip or even staycation(fun places to go in your local area) and create fun family memories!
3. Home/Car Repair – It stinks when we have been putting off a house or car repair because we didn’t have the money! This is a great time to get those issues dealt with! I know it isn’t exciting but it does feel good to get that burden off your back!
4. College – Maybe you have been wanting to go back to school or to just save for your children’s schooling. Tax refunds are a great way to get that savings going!
5. Debt Snowball – If you have debt this is the best thing you can do. Start applying your refund toward your lowest balance or your lowest interest rate (whichever you prefer) ! You can look up debt snowballing and even find charts where you can plug your debt in to get the quickest way to pay it off!
6. Giving – Giving is truly better than getting! You could help a family that needs it at this time, sponsor a child, or just give to your church or favorite charity! You don’t have to give it all away unless you otherwise feel led to! But giving always feels good and almost always leads to more blessing in your life!
7. Savings – Starting a savings or adding to one is a great thing to do and it gives you security during the leaner times!
8. Activity that creates family memories – Go make a memory! Go somewhere fun, make something together, or go to a nice restaurant as a family! I love spending money on things that will go in the memory banks of my children!
9. A Family Toy – This is another way to help you connect with your kids! Buy a ping pong table, pool table, family game system-something that will help you have fun family nights and encourage other kids to hang out at your house! I love having things in my home that help us connect and build relationship! You can find some of these things at yard sales and save a ton of money!
10. Invest – If you are ready because you are debt free it is is never too early to invest! Find someone who is great at investments (someone you trust) and invest your money into something exciting!