The Secret to Successfully Spending Your Tax Refund
Congratulations! You’re about to have a little more cash in your pocket. Why? Tax refund season is here baby! Now here’s the tricky part—how should you spend it?
The best way to get the most out of your tax refund is to find a balance—a Yin-Yang of personal finance, if you will.
Most practical people use the extra cash to pay off debt, invest for a comfy retirement, save for a “rainy day” fund... That's your Yin.
But hey! You work hard for your money, right? As long as you're being smart, you should be able to spend some of it how you please. For example, you may have had your eye on Prada platforms from last Paris Fashion Week, or have been using Reel to pay bit by bit for a GoPro Karma Drone for your next summer adventure. Now, that's your Yang.
Do something about both your Yin-Yang now. First, pay off some of your debt. Second, carve a little to treat yourself and put money towards that new Fitbit or trip to a place you've always wanted to visit. Third, say to yourself, “Damn that felt good!” because you will have just made your tax refund more fulfilling.
In the end, you’ll feel like a weight has been lifted off your shoulders. Your debt will be decreased and you’ll feel good about getting yourself to a little ‘somethin somethin’ without your wallet even noticing.
Finding a balance with your personal finances is rewarding—like you’re in charge. But it also feels good to make yourself a priority without money getting in the way. Overall, don’t forget to live a little for the sake of your happiness. You deserve it.
Sophia Zigmond / Writer