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In the first years of our marriage, we didn’t make the best choices with our tax refunds. We looked at this sum of money immaturely, and wish we used it differently. However, I’m grateful. Over the years, we learned to use our refund to benefit our family instead of throwing it away on pointless purchases.
Here are the top 5 ways we have learned to maximize our tax refund:
1. Pay off Debt.
This can be hard. We have learned this is the best way to use our refund. If we have any bills we are paying regularly, credit card balances, or student loan debt, we put the money towards them. This will make a big difference in your finances. You may not get a larger sum of cash like this for a while. Using it to pay down debt will certainly give you a push ahead.
2. Build up your emergency fund.
All of us have emergencies and can never predict when they come. Most American households don’t have enough to pay for an emergency if it hit them unexpectedly. Many are living pay check to pay check, regardless of income. Again, this may be the first time, in a long time, you will get a large amount of money you can store for a rainy day. Resist the urge to spend it, remaining in the same financial situation.
3. Look for ways to make it stretch.
I changed over my cell phone service to Walmart Family Mobile Plus plan. This includes: Unlimited talk, text & data up to 10GB of 4G LTE then 2 GB plus a free VUDU movie credit every month ($7 value) for $49.88.
(*Includes up to 10GB of 4G LTE† data then 2G“)
This plan is amazing because of the large amount of data you receive for a low price. I have always had issues, not wanting to pay a fortune for data. At the same time, it can be frustrating when I’m out running errands, need to look something up, but am out of data. As a blogger, this is a problem I can’t afford to face.
You can easily pick a phone or bring your own and get a SIM kit for only $19.88.
I purchased the Samsung Galaxy On5, priced at $119. This is a great smartphone that is super easy to use and set up.
Another exciting benefit is that right now you get the free VUDU credit every month. This is a $7 value, which is the same as a new release rental. This is perfect for our weekend family movie nights. I never heard of this service, but love it. Our family can watch new releases on a variety of compatible devices.
This phone, service and SIM kit is a great way to stretch out our tax return by making smarter financial decisions.
4. Put it towards a goal.
Many times we will divide our return into categories for various financial goals. It may be dividing among a car purchase fund, saving for a home, or saving for a family vacation we want to take. This is a great way to use your refund and reach some of your personal or family goals.
5. Home Improvements.
This is also a form of investing, as our home is our largest investment. Whether it’s replacing carpet, fixing a bathroom, or just getting a few new throw pillows for the couch. You spend a lot of time in your home and it’s worth enjoying where you are living and investing into it’s value.
There are many ways to use your tax refund wisely and really make it stretch. Spending it on pointless items just isn’t an option for us anymore, because we have learned ways to make our money work for us. If you’re looking for a way to stretch your dollar, switching mobile companies to Walmart Family Plus Plan is a great way to do that.
**Do you have any extra tips or advice for maximizing your tax refund?! Comment Below.