By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

a2zedsolution.tech

Notification Show More
Latest News
How to Give (and Recieve) Better Oral Sex
Sex
5 Good Credit Card Habits To Make a Part of Your Routine
Finance
20 Lunches You Can Meal Prep on Sunday
Lifestyle
How to Have Good Sex, According to a Sex Therapist
Sex
How to Create (and Maintain) a Workout Routine You’ll Love
Sport
Aa
  • Lifestyle
    LifestyleShow More
    20 Lunches You Can Meal Prep on Sunday
    19/03/2023
    All of The Starbucks Fall Drinks, Ranked
    18/03/2023
    11 Life-Changing Trips to Take At Least Once
    17/03/2023
    Solo Travel Tips I’ve Learned From Years of Traveling Alone
    16/03/2023
    Rules for a successful casino game
    16/03/2023
  • Finance
    FinanceShow More
    5 Good Credit Card Habits To Make a Part of Your Routine
    19/03/2023
    How My Husband and I Reconciled Our Different Spending Habits
    17/03/2023
    How Manifesting Helped Me Land My Dream Job
    17/03/2023
    The Productivity Hacks I Swear By As Someone Who Is Self-Employed
    17/03/2023
    How to Approach Your Boss If You Want a Raise
    16/03/2023
  • Sex
    SexShow More
    How to Give (and Recieve) Better Oral Sex
    19/03/2023
    How to Have Good Sex, According to a Sex Therapist
    19/03/2023
    Do Aphrodisiacs Work? We Asked Experts
    18/03/2023
    Is It Normal To Bleed After Sex? We Asked Experts
    17/03/2023
    How Much Sex is Normal in a Relationship?
    17/03/2023
  • Sport
    SportShow More
    How to Create (and Maintain) a Workout Routine You’ll Love
    19/03/2023
    Weight Training for Women: How to Start a Lifting Routine
    16/03/2023
    The Only Yoga Positions You Need for a Strong Core
    15/03/2023
    Stretching: The Crucial Thing Missing Your Workout
    14/03/2023
    The Sculpt Society’s Megan Roup Shares 2022’s Fitness Trends
    13/03/2023
  • Tech
    TechShow More
    Realme Pad Mini review
    19/03/2023
    Samsung Galaxy Book 2 360 review
    18/03/2023
    Samsung Galaxy S22+ review
    18/03/2023
    How to build a successful marketplace from scratch: basic guidelines
    16/03/2023
    Nvidia GeForce Now review: Is the RTX 3080 tier worth it?
    13/03/2023
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
Reading: 7 Things Successful Women Use Their Tax Refund For
Share
Aa

a2zedsolution.tech

  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
Search
  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
a2zedsolution.tech > Finance > 7 Things Successful Women Use Their Tax Refund For
Finance

7 Things Successful Women Use Their Tax Refund For

Halle Bryan
Last updated: 2022/09/19 at 12:52 PM
Halle Bryan Published 12/03/2023
Share
SHARE

There are never any real fans of tax season (besides your accountant and the IRS, of course) when it rolls around each year. Although tax season can feel daunting, it’s a good time to gauge where your money is going each year and how much of it is coming back (and hopefully, a good chunk will come back).

Contents
1. Pay down debt2. Build up your emergency savings fund3. Begin investing4. Start your side hustle5. Donate to a charity or cause6. Improve your home7. Treat yourself to something special

If all goes well, tax season can mean getting some extra money in the bank for many of us; the average tax refund this year is $2,323, according to the IRS. These refunds come at a crucial time for many right now, as inflation in gas prices, living expenses, and even groceries are stretching many homes financially.

Have a little money left over from your tax return this year? Here are a few ways you can maximize the extra few dollars from your tax refund.

1. Pay down debt

If you received a tax refund this year, a great way to use it is to pay down some of your debt. Some good areas to tackle are credit card balances, personal loans with high interest rates, car loans, and student loans.

Paying down these debts using the extra funds from your taxes helps you avoid the pesky interest that continues to accrue on your accounts on a monthly and sometimes daily basis. By making extra payments or paying off some debt completely, you’ll also see your credit score start to rise. No longer staring at a hefty credit card statement will be a huge weight lifted, too.

2. Build up your emergency savings fund

Your savings is a crucial part of your finances and budget, giving you the cushion you need for unexpected financial emergencies. If you received an expected (or even better, unexpected) windfall from your tax refund, consider beefing up your emergency savings fund.

Set aside some funds and put it into your savings account for a rainy day. Traditionally, an emergency savings fund houses six to nine months of living expenses in case of an unexpected financial difficulty, like losing your job or unforeseen medical fees. That six to nine months is a lofty goal, of course, but using your tax refund to get started or boost the savings you do have is smart choice. Future you will be glad you did.

3. Begin investing

If you haven’t started investing, using the funds from your tax refund is a great way to get in the game. There are so many ways to invest, from increasing your 401(k) contributions to putting your money in cryptocurrency. Many online trading sites offer first-time investors incentives, from a low-cost entry fee in order to open up your portfolio to education and resources to use to learn more about the stock market and trading.

If you’re looking to use your tax refund to invest, educate yourself on the risks of each type of investing strategy. Find the best investment strategy that works for you to start or continue your investment portfolio.

tax-refund-uses-teg-in-article-1

Source: Color Joy Stock

4. Start your side hustle

How about using your tax refund to make more money? Invest in yourself by using your tax refund money to start or fund your side hustle. Spend it on the resources and tools you need to enhance other streams of revenue. Purchase and set up your home office for your freelance gig or your own business if it requires it. Use your refund to buy professional equipment to kickstart or enhance your side hustle.

Invest in online sessions, trainings, and other resources using your tax refund to learn as much as you can about your interests and how to turn them into a lucrative business to increase your streams of income. Using your tax refund on your side hustle is a great way to flip and multiply your money.

5. Donate to a charity or cause

A few extra dollars in your pocket can go a long way for someone else. Consider investing in someone else by supporting a cause or charity with your tax refund. Your monetary donation can help improve someone else’s life.

Start with assessing charities and causes that are close to you and giving more to those causes this year. Not sure where to put your money? Ask family, friends, or coworkers to suggest some important causes you can contribute to.

Don’t forget to take advantage of your company’s gift matching program if they have one available. Employee gift matching programs typically match a certain percentage or all of your contribution to an approved charity, event, or cause, which doubles the donation made to that charity. It’s a great way to give back even more, with the help of your company.

Charitable donations made this year can also go toward your itemized deductions for next year’s tax season, so use your tax refund to give back to others, and it will come right back to you next year. It’s a win-win for everyone!

6. Improve your home

Still working around that leaky faucet? Need extra funds to finish that project around the house? Consider using your tax refund to make much-needed improvements to your home. Improving your home can increase your home’s value over time, adding to your equity and your overall wealth.

Using your tax refund on your home can have benefits for next tax season too; some energy-efficient home improvements like installing solar panels to your home or replacing major appliances like your water heater could be written off as a tax credit next year. Improving your home to sell it soon can also be used on next year’s taxes. When you sell your home, you are able to write off the profits from your sale and add the renovations you made as well to apply to your taxes next year.

7. Treat yourself to something special

Let’s be honest: You worked so hard last year. Treat yourself a little with the money back from your tax refund. Whether you’re overdue for a spa day, looking to travel and take a much-needed vacation, or still eyeing those new shoes in your Amazon shopping cart, splurge a little on yourself with your tax refund.

Take time to enjoy the fruits of your labor (literally!) with a little treat for yourself this tax season. Even if it doesn’t help grow your wealth, spending some refund dollars on self-care is essential to your physical, emotional, and mental health. This year, budget out a few dollars from your refund to use on yourself. We know you deserve it!

Halle Bryan 12/03/2023
Share this Article
Facebook Twitter Email Print
Share

Editor's Pick

21 Easy Tailgate Recipes to Bring to the Next Game
Ezviz BC1C 2K+ review
50 Quick and Easy Sex Tips For The Best Sex of Your Life
How Your Chronotype Affects Your Productivity
How to Manifest Your Best Sex Life Ever

You Might Also Like

Finance

5 Good Credit Card Habits To Make a Part of Your Routine

Halle Bryan Halle Bryan 19/03/2023
Finance

How My Husband and I Reconciled Our Different Spending Habits

Halle Bryan Halle Bryan 17/03/2023
Finance

How Manifesting Helped Me Land My Dream Job

Halle Bryan Halle Bryan 17/03/2023

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?