8 Choices – Income Tax Refund

If you’re lucky enough to get an income tax refund this year, you have some choices to make.  What do you do with this windfall?  Do you pay down debt? Do you set some aside for fun?  I propose you use this money to pay for those non-monthly expenses that can pop up unexpectedly on your expense list.  Here you go.

1) Buy Kids’ Clothing.  You know that children grow.  Go ahead and set some money aside to address this need.  You can find good used clothes at yard sales and consignment shops.  Go ahead and buy the next size up and be prepared when Junior hits his next spurt.

2) Pet Care.  My wife and I just bought a puppy back in the spring.  I’ll be darn there are some upkeep costs with this canine.  Immunizations, groomings, and exams are more frequent than I imagined.

3) Replace car tires.  Don’t let this creep up on you.  If your tires are in good shape now, put the money in a savings account so the replacement is not an emergency later.

4) Long awaited repair.  If you’re like me (I hope not), there’s probably something in your house that is past due for repair.  My front head lamp on my car went out this week.  Go ahead and get whatever it is fixed.

5) Fund your vacation.  The most unenjoyable vacations are the ones you pay on for a year after the event.  Plan ahead.

6) Open a savings account.  You can fund many of the above situations by doing this.  You can open one at www.ingdirect.com for as little as $25.00 a month.  It can be linked to your checking so you can make transfers when necessary.

7) Save for Christmas.  It happens every year in December.  Don’t be among those who don’t remember this until the month before.

8) Go on a date.  Those of you who are married may have stopped this dating thing after the rings were put on. It’s never too late to make time for just the two of you to have some undivided time for each other.

I hope you found a couple of these helpful as you decide how to spend that income tax refund.  Have a great day!


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