So, you filed your taxes, and you received a lofty return. Congratulations! What will you purchase with your extra chunk of change? An elaborate meal at an impossible-to-get-into restaurant? A designer handbag? The first item advertised to you while scrolling social media? Not so fast. While this might feel like free money, it’s not. You worked hard for this return, so why not treat it the way you would a paycheck. With the right tools and strategy, your tax return could become more than a quick monetary hit – it could be an investment in your future.
Here are 3 ways to make the most out of your tax return in order to positively affect your financial wholeness.
Send it to savings
This might sound like the least fun option, but stashing money away now can positively influence your wellbeing in the future. There’s no telling what life has up its sleeve, and a fiscal cushion may be what keeps you afloat when the financial waters get rough.
Pay off debt
Credit card debt is expensive. And the more you have, the harder it is to crawl out of the monetary hole. The sooner you pay off your debt, the sooner you can put your hard-earned money toward something truly fulfilling.
Investments aren’t just for Boomers in corner offices. Millennials and Gen Z now make up a large percentage of investors. And while pouring cash into the stock market might not be a realistic option for everybody, other investments from real-estate to cryptocurrency could be a worthwhile option for your tax return.
With our free, all-in-one app you can set goals, accrue savings, and donate to causes you care about. Download the app now to start saving with Spave.