7 ways to make smart use of tax return

It is easy to get carried away and extravagantly spend tax refund money, but using these smart tips, you can actually make good use of tax returns.

7 Ways To Make Smart Use Of

Your Tax Return

Make a lump sum deposit in your emergency fund or start one if you do not already have one.

An emergency fund is a great way to have that extra cash in your savings account when you need it the most.

A financial emergency can arise at any time and having that extra bit of cash saved can ease financial pressure.

Deposit in Emergency Fund

Put your tax return towards your debt payments if you have any

Paying off a high interest debt like credit cards or car loans can help a great deal in terms of the amount you can save in the future.

Picture credit: www.debt-consolidation-program.net

Clear your Debt

Contribute to your Mortgage

You can also make additional payments on your mortgage or even refinance your

mortgage in order to make substantial savings.

Picture credit: blogs.independent.co.uk

With the extra cash in hand, another way to use it wisely is to put away some in a retirement fund every year. This means money when you retire.

Picure credit: http://soulinmotiononline.blogspot.com.au/2010/04/retirement-redefined.html

Put Money in Retirement fund

Investment in real estate or something that brings in high interest returns is also a favourable way to spend some of your tax return.

Picture credit: www.commerce.wa.gov.au

Invest in Real Estate

Pending Renovations

Repairs, renovations or something big in terms of expenses can also be on the cards, as these usually

require a lump sum at one time, and using a tax refund can be good to get them out of the way.

Picture credit: yourhomewizards.com

Last but not the least, invest a small amount in yourself and do things that you have always wanted to do but never had that extra bit of money to do.

Like getting a gym membership, or going to a class that you have always wanted to go to, or even a summer holiday !

Splurging a little on yourself after knowing you have saved the majority for important causes is a great way to treat yourself and your family to a well deserved break.

Spend on yourself!

For more such articles, checkout Personnel Concept Industry news- http://www.personnelconcept.com.au/industrynews.aspx

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