Your tax refund is a great opportunity to get ahead. Allocate what you can now to pay down your debt, and you’ll save each month with lower payments. The average credit card charges are greater than15% interest. Investing $500 now to pay down your debt can save you over $1,000 over 5 years.
Saving Towards A Goal
Use your refund to catch up or get ahead on your savings plan. If you don’t have a long-term savings goal, start one today! Don’t be surprised the next time a large bill arrives, set some goals to save and cover these large but predictable expenses.
Take Your Business To The Next Level
Have you been looking for seed money to take your business to the next level? Do you have a venture that you want to start? You can use your refund to get you moving in the right direction. It’s a great opportunity to turn your refund into income for years to come, and get a few more small business tax deductions next year
Refinance Your Mortgage
Mortgage rates are at the lowest levels they have ever been. Refinancing your mortgage will involve some costs. Use your refund to cover these additional fees and you could save thousands of dollars each year on mortgage interest.
Make Home Improvements
If you’re satisfied with your current mortgage, take a look around your home. Do you need a new roof? Is your kitchen outdated? Could new energy-efficient appliances save you money on utility bills? Home improvement projects can immediately increase the value of your property and make your home more comfortable at the same time.
Didn't get a tax refund?
Put some monthly savings measures in place for this financial year so that you're not stung at the end of the year!