Normally when the word tax is thrown around, most people start to tremble at the mere mention of it. However, it doesn’t always have to be doom and gloom and can present some exciting opportunities – with the chance to splurge, save or discover something new. However, there is a fine line between finding something worthwhile and spending carelessly.
We give you our ideas on how to best use your tax return in a fun way.
Focus on what’s important first
First and foremost, you should absolutely consider anything important that might need a boost from your refund. If you’ve racked up some credit card debt or have a few loans you’re repaying – it’s a good idea to give these some love first.
The quicker you pay these off, the more money you’ll have later down the track to save for the more exciting things in life.
You can also use some of the money as an emergency savings fund, just so there’s a little security if anything were to take an unexpected turn.
But what about the fun?
Learn a new skill
Undertaking a new hobby is a great excuse to meet new people and learn new skills. If you’d like some ideas, there are workshops that cater to pottery making, pasta-making , painting and more!
Focus on your education
If you want to take it that step further, consider using the money for educational purposes. Is there a short course that could help you with your career progression? Or have you been wanting a complete career change?
Consider how studying could help get you to where you want to be in the future. You could also get back on this with next year’s tax refunds.
Give your home some love
With a bit of extra cash, think about how you could improve and change some aspects of your home to refresh it. Whether it’s buying a few smaller items to make it seem more season appropriate, to getting creative with feature walls.
Make yourself a priority
Self-care is important, and it consists of different things depending on who you ask. No matter how you choose to define self-care, putting some money towards improving your health and wellbeing is also essential. This could be anything from a few personal training sessions, yoga and Pilates to visiting the dentist.
You might not see this as ‘fun’ (yet), but saving for something bigger means you’ll be reaping the rewards a little later down the track such as weddings, holidays, a new car or retirement.
Think about what your tax refund could be put towards and your future self will thank you.
Support a good cause
If you have everything you could want and need, consider how the extra money could benefit others. Donating to charity gives you the opportunity to help those in need. This also doubles down as a tax deductible.