The Day After Tax Day: What to Do With Your Tax Refund

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Everyone's taxes were due yesterday and many of you are waiting patiently for your tax returns. As you wait, start thinking about what you will ...

Yesterday was the deadline for filing taxes for state and federal taxes and many of you will be benefiting from a tax refund. Did you forget about taxes this year? Don't worry! Try filing for a extension as soon as possible.

If you did your taxes properly, you will be receiving a refund check or, if you properly noted on your tax forms, a direct deposit into you bank account. But, depending on how you set up how taxes are taken out of your paycheck, many of you might have the pay to the government back.

Those of you who are receiving money back from the government have a lot of options on what to spend your refund on. Be sure to wait until you have the money to start spending it. You may have unexpected expenses that may come up before the check comes. So, as you wait for your money to come in check out our helpful list of things to do with your tax refund:

  • Save it: It is simple, but this might be a great time to save for a purchase for later.
  • Pay off bills: If you have credit card debt or a mortgage, this might be a great time to pay off the bill or do an extra payment on your mortgage.
  • Fix your car: You might have work that needs done on your car. This could be a great time for you to tune it up.
  • Give to a charity: Maybe you were unable to give during the year, so use this money to give to a charity that needs it. Remember, you can deduct it for next year.
  • Buy Gardening Tools: Why not invest in gardening tools and begin growing a garden of vegetables and flowers.
  • Take a trip: Either a staycation or vacation can be much needed for you and family.
  • Go to an amusement park: As the weather gets warmer, an amusement park would be a fun way to spend your refund.
  • Invest: Take a look at some options and consider investing your money. You worked for the money; now, let the money work for you. 
  • Buy something you have wanted for a while: Maybe you have been holding out on something you wanted, so this is a great chance to get this item.

How will you be spending your tax refund? Tell us in the comments below!

Photo credit: SalFalko / Foter / (CC BY-NC 2.0)

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