8 Ways to Use Your Tax Refund

If you have just gotten your tax refund or plan to receive one soon you should start thinking of ways to use your money responsibly—or just treat yourself! According to the Internal Revenue Service, the average individual tax refund was $2,651. Here are 8 ways to use your tax refund this year:

1) Save Your Money

You can’t go wrong with putting your tax refund in savings. If you are trying to build your savings, consider putting at least some of this money in your savings account. Are you looking to buy a home soon? Maybe you should put this money toward your down payment.

2) Pay off Debt

Paying off some debt may be the most common way people use their tax refund. If you know you have bills that need to be paid right away, put this money directly toward that.

3) Plan That Trip You’ve Always Wanted

Enjoy a vacation on an island like the Bahamas or take your partner on a romantic getaway to Paris! Everyone deserves to treat themselves occasionally.

4) Upgrade Your Technology

This is the perfect time to splurge! Get that new television for your family room, or a new laptop. Have you had your eyes on one of the larger more advanced cell phones?  Go ahead and purchase it, along with some great accessories. There’s nothing wrong with keeping up with the ever-changing digital times!

5) Donate Your Money

Consider putting some of your money toward a local charity organization. Remember donating your time is just as important as donating your money.

6) Take a Class

Do you wish you knew more about the business world? Try taking a management class at your local community college. You could also express your creative side by taking a cooking or arts and crafts class. You’re never too old to learn new things!

7) Update a Room in Your House

Is your bedroom design starting to bore you? Splurge on a fresh coat of paint, new linens, and new artwork. If you want to give your kitchen a facelift, try replacing the cabinet doors. A little bit of money can go a long way toward making cosmetic changes in a room.

8) Dedicate Yourself to Fitness

Join a gym, and put money aside to cover the cost of a year’s membership—this way you won’t have to worry how you’re going to pay for it in the future. If you’d rather workout at home, consider buying a treadmill or an elliptical machine.

 

Hopefully you consider using your tax refund money in one of these ways or even use a combination of these tips. Whichever one you choose, make sure you’re using your refund in a way that makes you comfortable.

 

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.