Integrity Staffing Solutions
best of staffing 2019 client 2x 1
Tags

5 Ways to Make Your Tax Refund Worth Even More

  • tax

 

So what are you going to do with your tax refund? Take a nice vacation? Buy an iPhone X? Before you decide to spend it on something just for fun, check out these uses that will pay you back with even more money in your pocket.

 

1. Put it in your emergency fund.

Sooner or later, your car will break down, your pet will get sick or some other unexpected expense will blindside you. Having an emergency fund in your bank means you won't have to borrow money to pay the mechanic or vet. So, that tax refund will save you all the interest you would have paid on the loan. Plus, it will save you from extra stress in an already stressful situation.

 

2. Pay off bank and credit card debt.

Do you even know how much interest you're paying every month on your car loan, credit card balances or mortgage? Most people are shocked when they find out. Getting those debts paid down ahead of schedule can save you hundreds or thousands of dollars over the life of the loan — all thanks to your tax refund. (Just make sure there's no prepayment penalty in your loan contract.)

 

3. Start an IRA.

Yes, even if you have a 401K at work, you can also get your own individual retirement account (IRA) from any bank. When the time comes that you're too old to work, this extra source of income may significantly improve your quality of life. Even better, all the money you put into it is tax deductible, so you will pay less tax next year.

 

Or, you can choose a Roth IRA which works the opposite way: you pay tax when you put the money in, then it's tax free when you take it out again after you retire. If tax rates continue to go up in the years ahead, that would result in even more savings.

 

4. Make home improvements.

You'll not only increase your comfort level while living in your home, you'll also increase its value when you sell. Even small things like repainting the walls, adding storage shelves in the garage or installing new faucets can make a difference. For immediate money savings, replace an old, energy-hogging appliance such as your refrigerator or washer/dryer with one that will lower your utility bills.

 

5. Increase your earning power.

Invest in education or training to learn new skills that can boost you towards your career goals. Or maybe you'd like to have a home-based business as a sideline to bring in some extra cash. Your tax refund can be the seed money you need to get started.

 

You can still give yourself a treat when your tax refund arrives. But if you put most of that money back to work for you, it can bring you many more treats down the road.

 

Tags

You might be interested in...

12.17.19
Best snacks for a 15 minute break
  Feeling sluggish at work? Use your 15-minute break to get that energy up and finish the day strong! Try to stay away from the vending machine and pack these healthier options instead.  Protein Protein is best for long-term hunger prevention, so you won't need another snack until dinner. They also don't cause blood sugar spikes and crashes like carbs. Try: Protein bar (but check labels for sugar content) Nuts and/or seeds Jerky (now available in lots of options, thanks to the Paleo Diet movement) String cheese   Carbs Carbs deliver a fast fix of mental or physical energy. Whether you crave sweet or salt, there's a high carb snack for you: Dried fruit (raisins, banana chips, etc.) Fresh fruit/veggies that have long shelf-life (apples, pears, oranges, carrots) Dark chocolate bar with at least 60% cacao (less fat, more antioxidants) Rice cakes Veggie chips Pretzels (also low in calories)   Fiber High fiber foods also keep you feeling full as well...
Read More
8.28.19
Training Gen Z for Success and Retention
In our white paper "Are You Ready for Generation Z?" you will discover the impacts this new generation will have on the way we recruit, train and retain employees. In this article, we'll discuss the generation's strengths and weaknesses which may require you to make some changes in your training protocols.    Generation Z (born 1998 – 2005) is both more independent and more in need of skill-building than previous generations. Here are some of the factors you're likely to encounter.     BE ready to help them build their soft skills  As the first generation of true digital natives, Generation Z brings the technological skills that are in high demand, even in entry-level positions. At the same time, 92% of HR leaders believe that having emotional and social skills is increasingly important. However, a side-effect of their constant online interaction is that many of them are deficient in soft skills such as problem-solving, critical thinking and interpersonal relationships. Most...
Read More
8.14.19
Gen Z
Gen Z is the biggest population to hit our labor market in 60 years. Here’s (almost) everything we know about how to become their employer of choice.    Gen Z will dominate your workforce by 2025 because Baby Boomers are retiring at a rate of 10,000 per day. Here is how you can effectively recruit them into your workforce.  ______________________________________________________________________  DOES YOUR WORKPLACE PASS THE GEN Z TEST? FIND OUT IN THIS SPECIAL BROADCAST ON SEPTEMBER 19TH. REGISTER NOW! ______________________________________________________________________  Forget everything you think you know about managing Millennials in your workforce  Gen Zers, born after 1996, are already in your labor market. The leading edge of the this generation are in their 20s. And you can forget everything you think you learned over the last 20 years about managing Millennials in your workforce. Gen Z is about to upend the game.  The truth is with the labor market so tight,...
Read More
General

Title

More Info
You need an account to do that Set up an account Never Mind

Please register for an account first. If you already have one, log in here.