Download - 7 Ways To Make Smart Use Of Tax Return
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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
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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
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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
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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
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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
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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
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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
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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!
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