Below are a few recommendations for those who don’t know what to do with their newfound wealth!
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1. Take Care of Debt
- Whether it is student loans, car loans, or credit card debt, despite their best efforts, the average American is $38,000 deep in personal debt. If you fall under this umbrella, consider using your tax return to pay off any high interest debt that you’ve accumulated. If you’re a young adult and already have outstanding expenses looming over your head, get this taken care of as soon as you can. Trust us, you will feel a big sense of relief afterwards.
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2. Buy Something You Need
- Is there something that you’ve been needing? Maybe it is a gym membership, a new coat, dental work, or a mattress upgrade. Whatever it is, it might be a good time to finally invest in that need!
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3. Take Care Of Your Home
- If there are some home improvements you have been putting off, this might be a great opportunity to get a few things done around the house.
From giving your kitchen a makeover, to replacing the carpet, this money could go a long way in your home!
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4. Fund Your Hobby
- Sometimes it is easy to get wrapped up in your job, or school work, and we forget to stop and smell the roses. Is there something that brings you joy, or helps you recharge after a long week? This is a great way to spend your tax return, if you do not have any finances to worry about! It’s okay to have fun with your tax return too.
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5. Invest In The Future
- If you haven’t started funding your 401k yet, you’re not alone. Retirement is often times not top of mind when you’re at the beginning, or peak, of your career. However, adding to your retirement fund is one of the smartest investments you can make at a young age (and the sooner you start, the better). Don’t know where to begin? Find some great information, here!
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6. Invest In Yourself
- Another great idea for your refund is to spend it on things that will improve your health and/or overall well-being. Maybe it’s a monthly spa membership for unlimited massages, or a long overdue vacation to a tropical paradise. You’ve put in hundreds of hours at work in order to receive this tax refund, so splurge on yourself! Do whatever it is you need to do to keep you motivated, healthy, and ready to get an even greater return next year!
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7. Start An Emergency Fund
- Consider adding to your secret stash of cash with the money you’ve received from your tax return. Buy your peace of mind, and have a fund handy just in case of an emergency or an unexpected expense — such as a flat tire, unforseen job loss, or home repairs from a natural disaster. You can only plan out your life so much, prepare for the unexpected.
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8. Start A College Fund
- It’s never too early to start investing in your child’s (or future child’s) college fund. College is becoming more competitive, which also means more expensive. Today, more than 70% of college students accumulate significant student loans, crippling their finances immediately after graduation, so get a head start to avoid the panic later.
other valuable tips:
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