5 SMART Ways to Use your Tax Return

Published on February 17, 2015 By Lauren

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  • Have you filed your taxes yet?  If you’re like most Americans, tax time doesn’t mean “pay up”; it means an extra chunk of money in your pocket.  If you are married and/or have a couple kids, the amount of this refund can be quite large.

    Marketers and advertisers know that you have more money than normal, and they want it from you!  There are tons of TV’s, computers, cars and other big-ticket items bought during this time of year… you might have noticed an increase in commercials for these items.

    Isn’t it strange how we treat money differently depending on where it comes from and how it is received?  You’ve spent all year being frugal and smart with your money, so why should your tax return be any different?  If you don’t have an immediate need for the money, consider the following ideas:

    1. Keep it as an emergency fund
    2. Pay off a credit card or a car loan
    3. Contribute to an IRA
    4. Start a college fund for your kids
    5. Pay down a chunk of your mortgage

    It is your money… treat it just like you had saved for it all year.  If you do decide to make a big purchase, be smart and get the BEST deal that you can.

    For the first time in many years, Lauren and I actually have a plan to spend our tax return (as opposed to paying off debt, saving as an emergency fund, or getting no return at all).  To make our current house work for our family while running a business, we need to finish our attic space.  We had it insulated a couple months ago, and now it needs electric, drywall, carpet etc.

    What are your plans for your tax return this year?


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