93°F
weather icon Windy

4 smart spending tips for tax refunds

For savings-savvy consumers, tax season means getting creative with how to use your federal tax refund check.

The IRS says the average tax refund issued so far in 2015 tops $3,500. While it can be tempting to hit up the mall and blow through your money the second that big check arrives, smart spenders find ways to turn a refund into a “MeFund” through thrifty money-management decisions that keep cash in their pocket.

To help you become a better saver and a more prudent spender, Lynnette Khalfani-Cox, The Money Coach and personal finance expert Julie Stav suggest four ways to stretch your refund check, making your money go further and enhancing your quality of life:

Invest in yourself

In today’s economy, it’s wise to invest in your education, your career and your health. Each will benefit you personally and professionally. Consider using some of your tax refund check to take a continuing education class or attend a business networking event.

Similarly, invest in your health by signing up for a gym, taking yoga classes, or getting the aid of a personal trainer. A healthy body can boost creativity and productivity — and hopefully lower your long-term healthcare costs too.

Pay off debt

A recent study from the American Psychological Association showed money is a top cause of stress for Americans. To help rid yourself of money worries, reduce debt with your tax refund. Pay off a credit card bill, wipe out a lump sum on loans, or make an extra mortgage payment to help toward becoming debt free.

Spend wisely by taking advantage of seasonal promotions

If you are going to spend on something you want, do it the smart way. Take advantage of seasonal promotions in order to keep much of your refund in your pocket. For instance, if you’re in the market for a new phone, go to Cricket Wireless to receive free or discounted phones, all after mail-in rebate, such as the Nokia Lumia 635. And, if you port your number to Cricket, you may also get a free month of service after completing two months on one of the provider’s Smart, Pro or Advanced plans. Check out more details at www.cricketwireless.com.

Budget for larger purchases

If you’re thinking about spending your tax refund on a vacation or must-have electronics, be sure to first budget realistically. Remember, a vacation won’t just involve travel expenses and hotel accommodations. Be sure to factor in food, entertainment and miscellaneous costs such as tips, souvenirs and parking. Before using your refund on a big-ticket purchase, you should also use helpful budgeting tools to monitor your monthly spending. Mint.com is a good online and mobile budgeting software tool that can help you track your spending.

MOST READ
THE LATEST
Bringing back the Grape Stomp

The Grape Stomp competition will take place Saturday and Sunday, Oct. 12 and 13, beginning at noon.

Suburban Propane volunteers give aid to Nevada Outreach

Donated items go to the most vulnerable members of the community that NOTO helps, which includes No to Abuse, the Children’s Advocacy Center and the Pahrump Family Resource Center.

Deep Roots Harvest taking over The Source

The Nevada Cannabis Compliance Board (CCB) approved the transfer of a majority of the assets of The Source to Deep Roots Harvest.

New business owner opens doors in Pahrump

Owner Justice Huggins says “Lucky Charms” is best described as a high-end thrift store with an upscale variety of inventory.

USO Benefit Show nets thousands for local causes

B.J. Hetrick-Irwin, founder of the Nevada Silver Tappers and Ms. Senior Golden Years, continues to dance at the age of 99.

No more squatting – new law targets homeless on vacant, private property

Nye County McGill said the purpose of the new code is to authorize the sheriff’s office to make contact with people occupying vacant private property or a property with a vacant building and demand to see a lease agreement.