How to use Income Tax Refund

 

How to use Income Tax Refund 

how to use income tax refund

 

While paying taxes we always feel bad that we are paying to government part of our hard earned money. But when you received Income Tax refund then you feel like its also your savings. What you are getting back from government is savings with government. In Today Article  I will suggest goods uses of Income tax Refund? If you will be receiving an income tax refund, have you considered how you will use it?

Before you give in to the pressure from family, friends, and retailers to spend your refund, why not buy yourself a little time. Think of this refund as a financial opportunity for you! Then, think maximize. Ask yourself how it can bring the most benefit to you. Gave yourself some options what you can do with refund.

Here are some points to consider:

  1. Be Selfish! Yes, I said Be Selfish. Is there something you have had your eye on for a while? If so, consider taking a small part of your refund and do something for  yourself. It is okay to be good to yourself, and you should, as long as it does not break the bank. Also, this may satisfy your urge to spend, freeing you to now think about maximizing the remainder of your refund.

 

  1. Look at your emergency savings. Do you have an emergency fund to cushion you when (not if) you are hit with an unexpected expense? You should have at least 6 month salary as emergency expenses.
    You will breathe a bit easier and sleep even better with this new found peace of mind!

 

  1. How about boosting your retirement and other forms of long-term savings? Consider opening or contributing to a PPF Account, make some investment for your retirement.

 

  1. Look at your debt. Clear your debt as soon as possible.  Paying down debt can save you in the long run. If you are behind on a payment, get caught-up! If you are caught-up, make an extra payment, or two, focusing on the debt with the highest interest. Can you pay off a credit card? Paying off a credit card that has an interest rate of 18% is like saving 18%! Ultimately, it is the interest that robs you of your hard-earned money.

 

  1. What are you putting-off? Make a list of the things that you need to do, but have not done because you lack the funds. Pay close attention to your home, transportation, and self. Prioritize that list. Is there a house or auto repair that needs done?? How about your health? Have you been avoiding some health issue because you don't have the money? Invest in your own well-being as well as maintaining your home and auto.

 

  1. Share! If your finances are in good order, consider making a donation. Is there a tax-deductible charitable organization that you have been wanting to support? Now may be the time!

 

  1. Lastly, if you are not sure, you don't have to immediately make up your mind. Deposit it in your savings account, make a fixed deposit and think about it until you have carefully reviewed all of your options. Remember, you can only spend it once!



 


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