What to Do with Your Tax Refund
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What to Do with Your Tax Refund

Here are some suggestions for what to do with that extra money. Exercise responsible spending for your future.

Receiving a refund on taxes is an enjoyable experience, something which might leave your eyes shimmering with dollar signs. Do you want to get that new Porsche that you've been drooling over? Are you planning on refinishing the house? Here are some practical ideas for things to do with your refund.

1. Pay down your debt

Credit card debt is an awesome responsibility. The company does not care whether you get a five hundred or five thousand dollar refund, it just wants to be paid. If you put your refund toward the principle on your credit card debt, you will pay less for the minimum payment.

2. Purchase supplies

Stock up on necessary supplies like toilet paper and paper towels. Lay in a supply of rice and dried goods. Get a deep freezer and fill it with meats and frozen vegetables to last throughout the year. Since it is off season, you can purchase canning equipment for the vegetables that you have grown.

3. Insulate your home

Insulation is necessary for keeping your home the right temperature. It keeps the warm air warm, and the cool air cool, keeping it within your home instead of letting it seep through the walls and windows. The money that you spend insulating your home will come back to you in savings.

4. Start a new business

Is there something that you are passionate about? Have you seen the need for a catering business within your area? Are you infatuated with growing herbs for profit? Are you thinking about making a mead business? Take your refund and invest it into your future livelihood. Buy some domains and make websites for profit.

5. Pay ahead

Instead of paying down your debts, you can pay for the revolving debt of your future. Put a little extra toward your power bill, your water bill, and your phone bill. By investing in these things, you will have a little more leeway during your next billing cycle. It is an exuberant feeling to be able to skiip a month or two of bills.

Your tax refund might have been traditionally spent on luxury items and frivolous spending. Pay down your debts and relieve some of the financial headaches of tomorrow. Credit cards are a great place to put your refund because there is the opportunity to access that money once more, giving you a safety net. Lay down a great financial foundation and thrive.

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