Today’s post is about some creative tax refund ideas on what to do with your refund. Since tax deadlines vary by state, today is the deadline in the state of Massachusetts.
Creative Tax Refund Ideas
In the first place, many people have already filed their taxes and received their refund. With many individuals and families receiving large refunds this year, what should you do with your refund? While it is nice to receive a check, there are some things to consider.
Financially Ready
Who doesn’t want to pay off credit card debt? By incurring finance charges month after month, paying as much as you can will help you reduce further interest charges. Also, if your refund doesn’t cover your credit card debt, you can consider transferring your balance to a 0% credit card transfer offer.
Save
Of course, there is nothing like saving for a rainy day. By putting your money into a savings account, you will be prepared for any expenses that come up. Although interest rates aren’t high right now, you can look into a short-term bond or money market account.
Want to be a millionaire? Use your money to put into an account with a good return. Also, if you don’t have a traditional IRA or Roth IRA, open one today. In addition, you can invest in a mutual fund or stock with a hi-yield.
Invest in Yourself
Because you count, invest in yourself. You can take a class to help learn a new job skill or you can invest in a professional membership. In the same fashion, if you own a business, you need to spend money to make money. Buy new equipment or invest in new technology. By using your tax refund to better yourself, you’re increasing the potential for a bigger payday.
Plan an Adventure
Do you have a bucket list? Now is the time to spend money on yourself. Plan a travel excursion. Consider trying a new activity or splurge on an experience. Anything that brings you happiness is worthwhile to spend on. In case, you’re an avid sports fan, buy a luxury sports package or invest in season tickets.
Splurge and Shop
Are you looking to upgrade your wardrobe? Splurge on a facial or body treatment? Furthermore, if you want a big-ticket item, now is the time to shop. Also, some big-ticket items could be tax write-offs next year. Do you need a vehicle for business? Will you require an expensive medical procedure that your insurance doesn’t cover 100%? Would you like to have a cosmetic procedure?
In addition, you can buy something frivolous. Also, some other creative tax refund ideas are to buy a lottery or scratch ticket. Perhaps you will get lucky and win.
Of course, there is no place like home. If you need some new appliance or furniture, now is the time to shop. If you need to update or make some home improvements, now is the time. Additionally, many cities and towns offer tax rebates for energy-efficient appliances.
Conclusion
In conclusion, it is always nice to donate to a worthwhile cause or charity. Not only will you be helping an organization or someone, but you will also be getting a tax write-off in the future.
As always, I look forward to your comments on creative tax refund ideas you may have.
