At some point during the year, many of us look forward to the possibility of receiving a surprise cash windfall after submitting our tax returns. And while it may be tempting to want to splash out on something we’ve been eyeing for a while, here’s why we should rather be putting our tax refunds towards investments and savings that will benefit us in the long run, courtesy of Health Care New York.
Use it for emergency funding
Life is unpredictable – we know that much. And if we haven’t been prioritizing our health as much as we ought to, then this could result in health issues down the line. Certainly, medical bills are expensive, especially if you don’t have spare cash lying around to cover these costs. This, therefore, could be the ideal time to think about putting money aside from your tax refund to go towards these unplanned, often unanticipated expenses.
Looking to the future
In this case, it would be your child’s future if you weren’t able to financially provide for them anymore due to a job loss or health reasons, for example. Again, you could start setting aside money from your tax refund to go towards a 529 plan that will accumulate over the years to eventually be a nice nest egg for your child should they wish to pursue a tertiary education one day.
Invest in a holiday timeshare
Perhaps, you feel overworked lately and your mental and physical health is taking a strain from it. Maybe you’ve decided that a holiday once a year is just not enough to recharge your batteries. In this instance, you could always purchase a holiday timeshare with some of your tax refunds so that you can make going away more often a regular occurrence.
Switching careers
Better yet, maybe you’ve decided your current working arrangements no longer suit what you’re looking to get out of a job. Then you could use some of the cash you’re expecting towards starting a business you’ve only ever dreamed about. So, putting money towards the initial start-up capital to get your business going is sure to be a sound investment that’s likely to be fruitful for many years to come.
Spoil yourself a little
Perhaps, it’s high time you just did something for yourself for a change. For example, if you’ve been longing for a day trip to New York, now could be your chance to spoil yourself a little. Maybe it’s been on your bucket list to climb the Statue of Liberty for some time, so why not treat yourself a bit with some of your tax by taking a trip there?
Or maybe you want to surprise your significant other with ballgame tickets to watch their favorite team. Or, if you just want a special date night, a NY Yankees game can be pretty romantic. You could get discounts on your tickets if you book with TickPick for example, and you can even choose a date, price, and seat rating that would suit you best. Plus, they even offer a 360-degree virtual tour of the view from where you’re likely to be sitting so that you know what to expect.
In conclusion, while saving can be hard to do, it is easy to look forward to when you know that your eagerly anticipated tax refund will probably lead to many surprises, (not just one or a few) down the line.
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