It’s tax season! Your tax returns should have hit the bank by now or at least be on the way.
There is always controversy around tax returns. I saw multiple people in Walmart in the middle of day purchasing numerous electronics last week. I couldn’t help but wonder if they had set some of that money aside for something else. At the end of the day it’s their money and they can and will spend it the way they want to. For all I know they paid a couple of bills off and then decided to get the things that they want **shrug**. The purpose of this post is to share various ways to make your tax return work for you this year:
The internet memes this year were out of control this year lol
When you hear investing it can be a bit overwhelming. You can start off small. You do not have to start off investing big dollars. Put some money aside and start off with an IRA account. You can also start off slow with investing using the Acorns App*. I have heard good things about the App. If you are familiar with stocks and can start off using companies such as Fidelity. Tip: Buy stocks with the companies that you frequent the most. For me it would be Target and Kroger.
Start a Business
Do you have a hobby that you are making money with? Do you desire to start something of your own that will leave a legacy for your family? You should start a business. Use part of your tax return to fund your dreams. This can include obtaining your business license, purchasing needed equipment, starting your website*.
Start or beef up your emergency fund. I cannot tell you how many times my emergency fund has helped me out when the unexpected happens. The best feeling in the world is to have money availiable when ish hits the fan. I don’t care if it’s a little or a lot. It all helps. You can also save for a vacation that you want to take in the future or any other significant event.
Pay Down Debt
Pay off or pay down any outstanding debts. This could be a credit card or a hospital bill. Doing this can help lower your overall payments. If you pay the debt off you will now have extra money that can go toward another bill or extra money to put toward things that you desire.
Have a little Fun
Part of having your money work for you, is using it to do the things that you want to do. Once everything else is taken care of, have fun! Everyone needs some fun in their life. Put some funds aside and get gadget that you want or take a trip that you have been waiting for. I would suggest doing things that will not cost overtime unless you can place it in your current budget. Don’t start a habit that you can’t afford again until you get your next return.
No you may not be able to complete all the steps listed above, they are just suggestions. Do at least one of the first four points and definetly complete point 5. If you only received $300.00 for your refund check, take 200.00 and place in saving or pay off a debt if it makes more since and have fun with the remaining 100.00.
*Afflilate links. I will receive compensation if you decide to use the links above. Acorns will also give you money for signing up to start investing.