Top 10 Ways to Spend Your Tax Refund

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It’s tax season. While that means headaches and hard work in tax preparation, it often means a refund pot of gold at the end of the rainbow. No matter the size of that pot of gold, you should consider carefully how you want to spend your tax refund. You can use the free printable Top 10 Ways to Spend Your Tax Refund worksheet to help you determine what to do with this year’s tax refund. 

Collage of front door of house, green checklist of 10 ways to spend your tax refund, blue graduation cap, and 3 different electronic devices

You’ve worked hard for your tax refund and really, you’ve worked hard twice. Once when you originally earned the income and again when you completed and filed your taxes. Having worked hard for your money, you deserve to plan how you choose to spend it. Make a commitment to take time to plan and determine how you should purposefully spend your tax return this year and make the most of it. 

Top Ways to Spend Your Tax Refund

Create an Emergency Fund – If you don’t already have an emergency fund worth 3 to 9 months of your living expenses, use your refund to build one. In today’s’ world and job market, you need to be prepared for anything and everything. Having emergency savings set aside is a big part of being prepared.

overhead view of navy blue graduation cap with light blue and white tassel

Start or Contribute to an Education Fund – Whether the education fund is for yourself, a child or a grandchild, investing in education is always a smart investment.  You can never start too early in saving for education. We actually started college funds for our children six years before we had our first child.  With the cost of applying to college and the unexpected hidden costs of college, you can’t save too much for college or start too early in saving. 

Donate to Charitable Causes – It’s always a good time to contribute to your favorite charitable cause. With my Purposeful Acts of Kindness challenge this year, I’m hoping to be able to make significant contributions to several of my favorite causes once I receive my tax refund. 

Pay Off Debt – Using your tax refund to pay off or pay down debt makes sense. Carrying debt costs you extra in paying interest and it also costs you in stress. Doing everything you can to pay down and eliminate debt is a great way to use your tax refund. 

black front door in a red brick house with green bushes  landscaped

Make an Extra Mortgage Payment – Even if you don’t have any credit card or other debt, many of us have mortgage payments. Using your tax refund to make an extra mortgage payment or two can save you hundreds of dollars in interest by paying down the principle. 

Retirement Fund – Invest your tax refund in yourself by putting it in your retirement fund. Take advantage of compound interest by putting more into your retirement fund now and allowing it to grow over time. 

collage of images of a Samsung tablet, 2 Samsung cellphones, Samsung UHD TV and Samsung soundbar

Treat Your Family – You’ve worked hard all year, why not treat yourself. Use your tax refund for a family vacation or to purchase a quality Samsung product or two at a great low price on your next trip to Walmart. 

What would your family say if you brought home a brand-new Samsung TV?  How about a Samsung TV with 4K UHD picture quality? A TV with 4K resolution means whatever you’re watching looks four times more sharp than full HD. Woo hoo! The TV is designed with slim design so that you can focus on the dramatic picture on the screen. It also comes with the Smart View feature, which allows you to watch your favorite TV entertainment on your mobile device or your mobile media on your TV using the Smart View app. Add a Samsung home audio system to your new TV and just think of all those family movie nights you’ll enjoy together.

Or you could treat someone in your family to a new mobile device. Samsung has several great options available at Walmart.  

  • Straight Talk Samsung Galaxy S5 LTE Prepaid Smartphone – It has a quad-core dual processor that’s perfect for everything from gaming to multitasking. The 16MP cameral is powerful enough to take breathtaking photos and make video phone calls. The internal memory of 16GB means you don’t have to worry about storage. It has received an Ingress Protection rating of IP67, which tests dust intrusion and water submersion up to 1 meter for up to 30 minutes. It’s currently available for $199.
  • Straight Talk Samsung S7 LTE Prepaid Smartphone –  It has the perfect combo of big screen and a slim profile. It also has an Ingress Protection rating of IP68, so you don’t have to worry because it’s protected from spills, splashes and even dunks. With the world’s first dual pixel smartphone camera, you’ll be able to capture low-light photos with no problem. And it comes with fast wireless charging, so no more waiting for your phone to charge. It’s currently available for $599.

Everyone in your family will be thrilled with a new Samsung tablet. The Samsung Galaxy Tab E combines versatility and value, which makes it perfect for your family. Whether you want to catch up on social media, capture memories by taking photos, watch a movie with the family or read the new best seller, the big screen keeps everyone entertained. 

Although I’m in Walmart all the time, it’d been quite a while since I’d stopped in the electronics and entertainment section of the store. I was amazed at how man different Samsung products were available that would interest my family and make the perfect tax refund treat.

Savings – Put your tax refund into savings. Whether you’re saving for a specific goal or saving for your future, it makes sense to use your tax refund to add to your savings. 

Gym Membership or Equipment – Invest your tax refund in your health. Use your refund to purchase a gym membership or exercise equipment for your home. No more excuses for not exercising. 

TOP TEN WAYS TO SPEND YOUR TAX REFUND

checklist in green of Top 10 ways to spend your tax refund

Print out your free copy of the Top 10 Ways to Spend Your Tax Refund worksheet. Fill in your tax refund amount and decide how you want to spend your refund. You can divide your refund several ways or spend it all in one area.  Take the time to be purposeful in how you decide to spend your tax refund and make the most impact for your family.

How will you be spending your tax refund this year? With the Top 10 Ways to Spend Your Tax Refund worksheet, it’s easy to make the best decision for your family and your refund.

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One Comment

  1. Those are all great ideas, and how nice of you to put them on a printable. It makes it easier to have a discussion with your spouse if you have a paper to help you figure out ideas.

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