It does not matter how irresponsible you are by nature but when you have kids, you ought to start being more careful with money. Having a few extra mouths to feed should be a good enough reason for you not to spend your tax refund on pointless purchases. Here are 10 ways to spend your tax refund if you have kids:
1Save Up For College
First things first, start saving up for your kid’s college tuition. Education is fairly expensive these days so you might as well start saving up sooner than later.
2Pay Off Debt
If you are always stressed, ease off some of your burden by paying off all your debt so you and your kids can live in peace.
3Invest Your Tax Refund
Instead of wasting money on expensive trips to the restaurants and on booze, invest your money in a new venture.
4Grow a Garden
What could be healthier than feeding your children organic produce from your own garden?
5Adopt a Pet
Pets have been known to improve mood and reduce stress and anxiety. If you previously haven’t been able to afford a pet for your family, perhaps now is a good time.
6Make Your House More Energy Efficient
Invest in energy efficient doors and windows or even a new roof for better insulation. This can save you hundreds of dollars each year on electricity bills. Not to mention, your kids will be able to lead better and more comfortable lives regardless of the weather conditions.
Is there a doctor’s appointment, operation or medical procedure you or your loved one has been putting off? Use your tax refund as the golden opportunity to invest in your health.
8Start a ‘Tax Refund’ Emergency Fund
It is never too late to start an emergency fund. Experts recommend having at least 3 months of living expenses tucked away somewhere in the bank or around the house.
9Go On Vacation
If you have a stable job and are not in debt, treat your family to a short vacation. With your hectic job and tough schedule, you probably do not even have enough time to spend with your family. Use your tax refund as the perfect opportunity to relax and rewind.
10Invest In Your Retirement
What are you going to do when your kids move out? Invest in a retirement plan to secure your future.