10 smart ways to reinvest your tax return

Whether you are racing to the finish line or had your taxes were finished months ago, we’re almost to Tax Day! Last year, the IRS reported an average tax return $3,026. When spent wisely, your tax return could go a long way to improving your family’s financial situation. Here are ten smart ways you can reinvest your tax return.

Add to your emergency fund

You never know when an emergency will happen. Whether it’s unemployment, a medical emergency or home repairs, you can be prepared. Build a foundation with at least six months of cash to cover expenses. If you already have one, help get yourself to the six-month threshold. If you don’t, use this as a great start!

Start a college fund for your kids

Investing in your children’s education is a daunting but fulfilling task. Put your tax refund into a 529 college savings plan or an Education Savings Account (ESA) and help your kids in the future.

Grow your own garden

Growing your own garden is a great project the entire family can get involved in! Plus, it can save you money if you grow the vegetables you eat the most in your own backyard. Hit up your favorite local nursery and have fun!

Pay off debt

Pick one of your debts — student loans, your mortgage, etc. — and use your tax return to make great progress. It could be the boost you need to keep at it and get the bills paid off more quickly!

Improve your own health

Is there a medical procedure you have been putting off, such as braces for the kids? Tax refunds provide the perfect opportunity to take care of some important and overdue health expenses. Schedule those appointments and invest in your health. You and your family will not regret it!

Take a vacation or start a “Sunny Day” fund

Vacations give your family time to bond and make family memories. We all deserve this opportunity! Consider investing your refund into a “sunny day fund” to save up for that trip you’ve been meaning to take. 

Create a will

Creating a will is a task that no parent wants to think about, but it is vital. Leaving children behind with no plan is any parent’s nightmare. Use your tax refund to work with an advisor to create your will and bring peace of mind to you and your family members.

Improve your skill set

Take a class to further your knowledge in a key skill set, or enroll in a certification course. Or, sign up for a class on a topic you’ve been wanting to learn: cooking, photography or more! Set a great example for your family and invest in yourself. You’ll be glad you spent your valuable time wisely to better yourself!

Sign up for a gym membership 

Several gyms offer great deals for new members ready to opt in for at least one year. Do your wallet and your waistline a favor by committing to a gym that fits your lifestyle for an entire year. Then set a realistic goal by dividing the cost by the number of times you hope to go in the year. Stick to it and earn the full value of your investment.

Repair something in your house

Use your tax refund for those necessary, but costly, home repairs. Get your yard professionally landscaped and increase your home’s curb appeal. Get your driveway resealed from the wear and tear of the winter. It’ll be worth it and you’ll feel like you are saving money by using your tax return funds!

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