Are you getting a tax refund this year? It can be tempting to spend it all on a lavish shopping spree or luxurious vacation, but it may not be the best decision if you have other financial responsibilities hanging over your head. The following are some ways you may want to consider putting your tax return to use:
Take care of the essentials
If you’ve been putting off something you really need—such as medical treatment or extensive car repairs—because of money, use your tax return to cover the cost.
Invest in your retirement
Whether you’ve been contributing to a retirement account for some time now, or you’re just beginning, why not give your retirement savings a little boost by contributing your tax return?
Take on a home renovation project
If you own a home and there’s a home renovation project you’ve been meaning to tackle, but have been putting off due to financial reasons, now may be the perfect time to get started by using your tax refund.
Get rid of debt
If you’re in a lot of debt and minimum payments aren’t making much of a dent in your overall balances, use your tax return as an opportunity to pay a larger chunk of what you owe.
Pay for college expenses
If you need money to pay for college, your tax return might be enough to cover a few classes, or even an entire semester.
Contribute to your savings account
Whether you have a specific goal that you’re saving for, or you’re simply building up your emergency fund, there’s nothing wrong with just contributing to your savings account and not spending your tax return. Alternatively, you may want to consider purchasing a savings bond with your refund money.
Use it towards a home purchase
Your tax return can be just the financial boost you need for your down payment, or you might be able to use it towards your closing costs.
Waiting for money—whether from a structured settlement or an income tax return—can be frustrating. But when you’re receiving structured settlement payments, you have other options if you no longer want to wait for your money. Peachtree Financial Solutions can purchase some or all of your future structured settlement payments and offer you a lump sum of cash now. So whether you need to pay off debt, buy a new car, purchase a home, or pay for college, contact Peachtree Financial Solutions today to get started!
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.