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How-To Spend Your Tax Refund

5 Savvy Ways to Spend Your Tax Refund

It's tax time, and as much as we begrudge the tax man, getting our refunds is always nice — especially since that can mean about $2,400 on average. So, as excited as we are to get a financial boost, just make sure you're making the most of your check and putting the funds to good use.

  1. Put It Towards Vacation Time — If you've been waiting to take that vacation, now could be a good time. Put your refund to use funding some well-deserved time off to visit family, friends, or maybe a new destination you're dying to escape to.
  2. Use It For Wardrobe Essentials — If your wardrobe needs a little sprucing up, use your refund to help amp up your work wardrobe. Money spent on a classic suit or a new work tote is an investment in your professional future. You know what they say — dress for the job you want. When you do, you're more likely to get noticed — and that's money well spent.
  3. Invest — Take the refund and invest it now for even bigger returns later on. You might invest in your professional future by putting the money toward a business course or classes you've been dying to take. Even if it's a cooking class, maybe a yoga retreat, investing in your passion with the extra cash is a great way to finance your interests in, or outside, of your career field.

To get the rest of my tips just keep reading.

  1. Pay Off Your Debt — If you're carrying a hefty balance on your cards or you're paying off student loans, take the chance to make a dent in your payments. Be smart about using your refund to pay down debt, and keep in mind that it all affects your credit score.
  2. Simply Save It — Don't feel like you have to run out and spend your check just because you can. The best way to make use of the money is to put it in savings and hold on to it.
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rach716 rach716 6 years
I already got my return, put some towards a Jamaica vacation with my hunny in April and the rest towards my never-ending student loan debt :o/
GlowingMoon GlowingMoon 6 years
I'm considering getting some office furniture.
Girl-Jen Girl-Jen 6 years
@skigurl, LOL! I'll probably owe this year, but starting next year, I'll get the Earned Income Credit and a refund. Yay! It's going to take a lot of self-control to drop it in a savings account, sight unseen, but I think that's what I'll need to do to start saving money for retirement.
Spectra Spectra 6 years
We're putting most of ours towards our vacation in Cancun in May. We haven't been on a major trip since we've been married (5 years!), so this is kind of a special treat for us. We scored a major deal and we're really excited about going. The rest of the money is going towards our mortgage so we can pay it off early.
itsallabouttheg itsallabouttheg 6 years
i owe money this year. i would have preferred not to get that "tax cut."
imLissy imLissy 6 years
I'm gonna owe about $500 again this year I think.
lolalu lolalu 6 years
Good tips. Too bad we OWE this year even though we made less and my hubby got laid off..... Thanks state of CA!
skigurl skigurl 6 years
i don't need tips on how to spend my cash money! spending isn't the hard part!
This CEO was a millionaire at 22, went nearly bankrupt, and now runs a $100 million business
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