Britney Dearest: 16 Ways To Spend Your Income Tax Refund Money Responsibly

/ Tuesday, February 3, 2015

16 Ways To Spend Your Income Tax Refund Money Responsibly




As we are all aware, it's about that time where many of us are blessed to receive a little (or a lot) of money back from the government after {legally, I hope} filing our taxes.

Although, I know you probably want to so bad, I highly suggest you halt on the shopping spree and frivolous spending (that includes those $1000 Louboutins and/or $500 MK bag you've been eyeing, or that $300 Remy weave). Take care of business first. I'm not saying you shouldn't treat yourself, but I highly suggest you focus on improving your financial situations and saving up for emergencies. :-).


I apologize for raining on your parade, but we seriously need to think long-term.

Although I'm the head of finances in our home (meaning I make sure all bills are paid and let my husband know how much spending money we have each month), my husband is more knowledgeable than I am when it comes to certain financial situations, like  handling our mortgage and retirement so I asked for his assistance in compiling this list :-) Thank you Zach!♥♥♥



Alright ladies! In no particular order, here we go! :-)


1. Pay back whatever you owe the government.

2.  Pay your insurance deductible and/or annual premium in full.

3. Invest in retirement accounts (401K, IRA, etc.), 

4. Start or add to your children's college savings, 

5. Start or add to your emergency savings. 

6. Start or add to a Christmas savings account (so you don't have to skip any bills :-)). 

**Dave Ramsey has a wonderful financial plan laid out for you HERE.

7. Pay off debt(s). Credit cards, student loans, payday loans, people you owe, etc.

8. Pay one or a few utility bills off for the year. We pay a few of our utility bills so we can pocket more each month.

9. Make an extra mortgage, rent, or car payment.

10. If you're a homeowner, pay for necessary home improvements. Keep your home up and looking nice. You could even refinance your mortgage for a lower interest rate. Use the money to pay for closing costs and fees.

11. If you're looking towards buying a new home, save it all or some towards home buying costs and a down payment.

12. Pay off your car loan. And don't get another new(er) car unless you can really afford it.

13. Donate to a charity. Help someone in need.

14. Necessary car repairs.

15. Go back to school. Pay for classes. Pay for books. 

16. Start or add to a personal savings account (maybe save up for a family vacation? A wedding? :-)).




Please add any other suggestions that I didn't list!


Have a great week! Thanks for reading!
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5 comments:

  1. Wow. I was just going to save all the money, but now you've got my wheels turning. There's truly a lot more I could use that money for to lighten some of the load throughout the year. Thanks!

    ReplyDelete
  2. You follow Dave Ramsey also?!?! We not only follow his plan but we listen every day! It's so nice to see someone give out ideas other than blowing it on stuff they don't need or can't normally afford (even though you should strive to have a $0 tax return so you don't give the government an interest free loan....I told you we were listeners lol)

    ReplyDelete
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About Me

Hi! I'm Britney. I'm a wife and a mother to 3 children + 1 fur baby. Britney Dearest is a family lifestyle blog where I share my personal experiences as a wife, mother, homeowner, and creative to provide a virtual space where moms can find encouraging tips and inspiring resources for family, home, and mom life. Read more

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