Most people will get a tax refund bonus once they finish paying off their taxes. While for some that bonus is just a few hundred dollars, the average refund is actually closer to $3,000. So, what are you expected to do with it once you get it? Basically, you can do whatever you want, since it’s extra money.
But why not use it wisely? Here are a few tips to give you some ideas on what you can do with your tax refund bonus:
- Setting your priorities straight can be important. You can start by adding at least some of the money to your emergency fund so you can breathe easily later on.
- Paying off debts and possibly using your tax refund money and apply it to get out of timeshare responsibilities, to help eliminate the associated costs of a timeshare, allowing you to spend money on your necessary expenses.
- You can also make home improvements, start a savings account, donate to a charity or even use your money for a new investment opportunity.
Of course, when it comes to your tax refund bonus, it’s not a good idea to get too excited beforehand. Even though there are online calculators that can tell you roughly how much you should expect, it’s definitely not a good feeling to wait for your bonus only to realize you got nothing, or worse: that you actually owe money! So keep your plans for spending your bonus close at hand, but don’t get your hopes up too high just yet.