When you get an income tax refund it is tempting to treat yourself to something you have been wanting or have been doing without. If you are struggling with bills, it will feel good to pay some off. Before you spend that income tax refund check on something you may grow tired of in a few months, check into a few other options. Put a percentage of your money aside to enjoy, but don’t blow the entire lump sum.
- GIVE-Even if you feel you are bad off, there are other’s that are worse off than you. Find them, do a little something to make their life easier. Giving keeps the flow of money moving, it opens up the gates to receiving more than you gave.
- INVEST-Find something safe to invest in. Add to a savings set aside just for investing. This will give you money for the future. Buy equipment or services that will pay for itself quickly and help you to make more money more easily.
- BUILD-Create a new internet project that will bring in income in the future. Expand a current project that is bringing in income so that in will increase.
- SAVE-There will be rainy days and even if you have an umbrella, you still need to save. An opportunity for an internet venture may come along when you budget has no extra funds.
- PAY-The bills that are past due should have priority. Anything you pay interest on should be paid down as soon as possible. If you have deposits, make sure you can make the payments needed to receive the deposits as soon as possible.
- ENJOY-It might be a scaled down version of what you were thinking of doing with that income tax refund when you first found out about it, but still do or buy something enjoyable.
Using wisdom and restraint now with your income tax refund will allow you to have extra income throughout the year so you don’t have to wait another 12 months for some extra money.