After collecting and filing your W-2s, your 1040As, and those pesky 8675309s, the day to do your taxes has finally arrived.
You see you’re getting a refund and you are FREAKING OUT!
Plots and ideas are sure to be racing across your mind on what you should do with your tax refund. Do you put it all into your savings account? Do you knock out a couple of payments? Or do you invest it into yourself?
All of these ideas are valid, but everyone’s situation is different. That’s why we came up with a list of five different ways you can use your tax refund to invest in yourself in 2020:
- Put It Towards LASIK
When it comes to tax refunds, there’s nothing wrong with being a little nearsighted… because treating myopia (and other vision problems) is always a wise investment in the long run. If you’re ready to see life in 2020, your tax refund might be the perfect opportunity to finally get out from behind those glasses and contacts and live in the moment. - Add It to Your Savings Account
It’s never a bad idea to throw some cash towards your rainy-day fund. And rarely does one get the opportunity to make a one-time investment of this proportion. So, forget that upcoming release of the latest gaming station or smartphone, swallow your materialistic pride, and start stacking up your savings in 2020. - Start Your Own Stock Profile
Never has the average consumer had such open access to the stock market. If you can afford to have your stock profile managed by someone who actually understands economics, then, by all means, give them your tax refund and let them make it rain! But if you are simply curious about managing your own profile, use some of your refund to explore micro-investing apps like RobinHood or Cash App. - Make Payments on Services or Debt
That new electric vehicle you put a down payment on might have earned you a tax credit, but do you want to be making car payments for eternity? Of course not. Use your refund to pay off a good chunk of your assets. And if you have any debt, now is the time to reduce its burden on your financial wellbeing. - Use It to Perform Maintenance
The funny noise the dryer makes, the funky smell wafting out of the dishwasher, or the puff of smoke that occasionally rises from the hood of your vehicle could be addressed with a little extra cash in your pocket. When you use your refund to perform maintenance on the squeaky wheels you’ve been ignoring, you’ll find yourself experiencing 2020 with a fresh perspective.
At the end of the filing day, there are countless ways you could leverage your tax refund this year. But no matter how you prioritize your options, the most important thing is that it helps you experience all the meaningful moments ahead.
Whether that means seeing life in 20/20 or simply seeing life in 2020 is totally up to you!
