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

vermoxonline.com

  • Lifestyle
    LifestyleShow More
    Solo Travel Tips I’ve Learned From Years of Traveling Alone
    4 days ago
    15 Single-Serving Desserts for When You Just Need a Treat
    1 week ago
    Not a Vegetarian? You’ll Still Love These Meatless Recipes
    2 weeks ago
    21 Easy Tailgate Recipes to Bring to the Next Game
    2 weeks ago
    8 Moving Hacks That Make Packing Up So Much Easier
    2 months ago
  • Finance
    FinanceShow More
    How To Make the Full-Time to Freelance Transition
    1 day ago
    I Tried 5 Different Budgeting Apps, Here’s How They Ranked
    1 week ago
    The Lazy Girl’s Guide To Tax Season
    1 week ago
    How Manifesting Helped Me Land My Dream Job
    2 weeks ago
    Setting and Maintaining Boundaries at Work
    2 weeks ago
  • Sex
    SexShow More
    Social Distancing Doesn’t Have to Mean the End of Your Sex Life
    57 mins ago
    What a Dry Spell Taught Me About Sex
    1 day ago
    How to Manifest Your Best Sex Life Ever
    3 days ago
    How To Deal With Sexual Shame, According to Experts
    3 days ago
    Does Size Really Matter? We’re Breaking It Down
    6 days ago
  • Sport
    SportShow More
    Tabata: The 4-Minute Workout That Everyone Should Do
    17 hours ago
    Is a Pre-Workout Supplement Necessary?
    2 weeks ago
    How to Work Out on Vacation to Keep Up Your Routine
    2 weeks ago
    The Best Fitness Tips From Shay Mitchell’s Trainer
    2 weeks ago
    6 Ways to Feel More Toned By Tomorrow
    2 weeks ago
  • Tech
    TechShow More
    Streamplify USB mic review
    4 days ago
    Ninebot KickScooter D38E review
    5 days ago
    Realme Pad Mini review
    5 days ago
    Privado VPN review
    5 days ago
    The Morning Machine capsule coffee maker review
    5 days ago
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
Reading: 7 Things Successful Women Use Their Tax Refund For
Share
Notification
Latest News
Social Distancing Doesn’t Have to Mean the End of Your Sex Life
Sex
Tabata: The 4-Minute Workout That Everyone Should Do
Sport
What a Dry Spell Taught Me About Sex
Sex
How To Make the Full-Time to Freelance Transition
Finance
How to Manifest Your Best Sex Life Ever
Sex
Aa

vermoxonline.com

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

7 Things Successful Women Use Their Tax Refund For

Patterson Jennifer
Last updated: 2022/11/13 at 9:36 PM
By Patterson Jennifer 3 months ago
Share
8 Min Read
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!

Patterson Jennifer 13/11/2022
Share this Article
Facebook Twitter Email Print
Share
Previous Article How To Identify Toxic Productivity and Avoid It
Next Article Budgeting Tips for When Everyone You Know is Getting Married
What Do Sexual Fantasies About Your Ex Mean?
Nubia Red Magic 7 review
Workout Benefits More Important Than Burning Calories
Samsung Galaxy A52s 5G review
Do Aphrodisiacs Work? We Asked Experts

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?