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The tax filing deadline is quickly approaching, and after you file, you may be in line for an exciting tax refund. It is awesome to unexpectedly get that lump sum of cash, but instead of using it on a new big-screen TV or a night out on the town, you can use it for smarter purposes, including upgrading your home or helping your family. Here at Mountain Star Team, we know how exciting a tax refund can be, so we have some great tips for how you can spend it the best way possible.
- Start an Emergency Home Repair Fund
If you are a homeowner, then you know how upsetting it can be when you face an unexpected maintenance issue or an appliance malfunction, so it may be a good idea to set up a home repair fund with the money you get back from your refund. As you likely know, just about any repair, from a leaking pipe to a hole in your roof can be very costly, so the more you can save, the better. Imagine how much better it will feel when you know that you have the money available to make that last-minute repair.
- Improve Your Professional Life
Many people are unhappy with their jobs but are not sure of how to make a change. Luckily, your tax refund can give you a good starting point if you decide to return to school for a degree.
The good news is that you can go back to school and learn a new career while staying at your current position by taking an online class. It is a great idea because you can study before and after work and take additional classes on your own time. You’ll want to find a career that will be around for the foreseeable future like the many branches of criminal justice, which include administration, security management, and more.
- Help Your Child Save
If education is important to you then you can also use your tax refund money to start a college fund for your child as well. If you don’t want to add the whole lump sum, at least start a recurring payment of $50 that is added every month. Over time, that college fund will be large enough to pay for at least a year away at school. Just make sure to not take any money out prematurely unless it is an absolute emergency.
- Make Smart Financial Decisions
Remember that just because you were given some extra money, it doesn’t mean that you can afford to waste it. Instead, you should use it to improve your financial situation. For starters, use the money to pay off some of your credit card debts so you can become current and continue 2022 off on the right foot.
After that, you should put any leftover money into a savings account. In order to make your money work for you, consider putting the funds into a high-interest savings account so you can earn a few extra dollars every month just by having the account. Over time, it could be a nice nest egg that you can use for emergencies.
- Improve Curb Appeal
If you plan to sell your house in the future or you just want to freshen up the exterior, then consider using your tax refund to spruce up your curb appeal. That means cutting the grass, pruning the bushes, replacing lost siding, resealing the driveway, and replacing your exterior lighting. Not only will a new look make you proud to call this place home, but having a solid curb appeal can also improve the value of your home if you decide to put it on the market.
As you can see, there are many ways that you can be wise about your tax refund. Consider these options and make it a point to save at least half of what you get. If you would like to know more about the services offered by Mountain Star Team, then contact us at 828-782-1957 or brokeralexandra@gmail.com.
