It’s that time of year again! That’s right, it’s the time when you will be receiving your tax refund. If you got one this year, you may think you have so many options: Vacation, shopping, entertainment. etc.
Well, before you run out and spend that money, let me give you some of the best ways to spend your tax refund.
1.) Pay down debt!
If you have a credit card that you want to pay down or pay off, now is the perfect time to do it. If there is a lingering bill or even collection debt that you could pay off, do it now. Paying off unwanted debt is always a great investment in your financial future.
2.) Invest in your career.
If there is a skill that you could pick up that would make you better at your job or more marketable in the long run, use that tax refund to do it. Get that certificate, take that refresher course, learn another language. This is an investment in your future.
3.) Invest in your education.
A few classes away from getting that degree? Or want to get started? Take that money and get moving toward your educational goals. See this in the long term. There is never a better investment, than an investment in yourself.
4.) Home repairs/Car Maintenance
Is it time to replace the washer/dryer or dishwasher? Need new tires on the car? Take those funds and take care of needed home repairs or car maintenance. In these areas it is always better to be proactive. If you wait until it breaks then you are buying out of absolute necessity and will not have much of an opportunity to shop for the best deal.
5.) Down payment
Do you want to eventually own your home? Put that tax refund in an interest bearing account and you will be well on your way to having the down payment you need to make your dreams of owning a home a reality.