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Making the Most of Your Tax Refund

March 17, 2014 By Brian 3 Comments

Thanks to Coupons.com for making this post possible.  All thoughts and opinions are my own.

It’s tax season.  Sometimes, I think that this the time of year that I love my little tax deductions…ummm, kids…the most.  If you haven’t finished your taxes yet, make sure to look for some tax season deals to save money on tax preparation software.  If you have turned in your return and are one of those fortunate enough to receive a tax refund this year, make sure that you are smart about it and use that refund to its best advantage.  Here are a couple of tips.

tax refund

Plan for Periodic Expenses

There is nothing harder on a tight budget than thinking you’ve finally got a solid month ahead of you and, then, receiving that seemingly huge bill for an annual or semi-annual expense.  Our vehicles are really what do us in.  Insurance is bad enough, but in Virginia, we also pay a personal property tax on our vehicles.  Those periodic bills really throw off out monthly budgets.  When we get a return, we approximate our premiums and personal property tax bill and move it right over into savings so that we know that we have the money to cover those expenses.

Treat Yourself

While it’s easy to feel like your tax refund is a sort of gift, just remember…you earned it!  A tax refund just means that you paid more in taxes than you actually owed.  We’ll take about 10% of our return and enjoy it.  That could mean a weekend get away somewhere or a monthly date night fund.  Whatever you do, make sure that you use some of your hard-earned money on yourself!

Save, Save, Save

If you have anything left after treating yourself and planning for those pesky periodic expenses, be smart and save the rest of it.  Saving comes in all sorts of forms these days.  For us, it may mean paying down (or paying off) a credit card.  Paying less interest on past purchases is a great way to help speed up debt repayment.  For you, saving may mean bulking up that rainy day fund or even making a few smart investments.

If your budget is tight, the last thing you want to do is frivolously waste your tax refund.  Use a little discipline and make some smart decisions and you can really stretch that refund until the next tax season rolls around.

 

Have you finished your taxes yet?  How do you make the most of your tax refund?  Leave us a comment and share your story.

Filed Under: Budgeting Advice, SimplySaving Tagged With: budgeting, tax refund, taxes

Comments

  1. Gwenni B says

    March 31, 2014 at 1:17 am

    The suggestion to reserve about 10% for fun stuff is great – it’s difficult, at least for me, to commit to using *all* of refund sensibly.

    Reply

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  2. Save Your Way Out of Debt says:
    July 15, 2014 at 2:11 pm

    […] It can be so tempting to take that income tax return and buy yourself or your family something nice. Instead of spending the money, invest it. One great way to put that money to work is by paying off some of those unwanted bills. Another option is to put it into a CD or other investment account so that it can grow into larger savings. Whatever you do, make the most of your income tax return. […]

    Reply

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