Love My Credit Union Rewards Love My Credit Union Rewards Go to main content
Not a Credit union member?
Find one near you:
Join a Credit Union

Smart Ways to Spend Your Refund

If your employer withheld too much of your salary or you paid too much in estimated taxes last year, the IRS will send you a check for the difference. You can expect it to arrive around a month after the date you filed your return. If you are wondering how best to spend it, consider these ideas.

Pay a visit to the doctor. If your health insurance deductible is high, or you don’t have health insurance at all, you may be in the habit of visiting a medical professional only if you absolutely need to. However, paying for a physical can alert you to health issues that could become expensive if ignored. By addressing them early, they’ll cost you a lot less in the longrun.

Does your car need attention? Take your car to a mechanic you trust to check whether or not it needs any maintenance. It’s much cheaper to be proactive about keeping your car in good shape than to be reactive. For example, replacing worn-down break pads is much cheaper than dealing with the fallout from even the smallest accident.

Are your soles wearing thin? You should never be without a comfortable and supportive pair of shoes! It’s fine to keep a pair of beaters around, but your dailies definitely shouldn’t be falling apart. Unless you already own more than a couple pairs, new shoes are a worthwhile way to spend some money.

You can’t buy good habits, but a trainer is the next best thing. It’s common knowledge that many gym memberships tend to go unused. However, by hiring a personal trainer or nutritionist, you’ll have someone to help motivate you to put in the time required for a new habit. When your body is in good shape, you’ll notice improvements in all the other areas of your life. Just make sure never to make up excuses to cancel an appointment!

Up your hobby game. If you’re already healthy and you don’t have any pressing needs, consider some new equipment for your avocation. It’s doubtful that you’ll regret spending money on a new instrument or a better set of paints.

Bring a new screen into your life. Most people think of new electronics as a luxury. However, the modern lifestyle has become more and more oriented around technology and the internet. Everything from mail to bills to shopping happens at a keyboard these days. If you’ve been working from an old laptop that has as much downtime as uptime, it’s a good idea to replace it with something reliable.

Spruce up your house. Is your microwave door barely hanging on at the hinges? Is the wallpaper in your TV room starting to peel? Updating your living space will improve your quality of life and state of mind. Depending on the size of your refund, you might make some small improvements, or you may choose a significant renovation!

Retrieving your tax refund from the mailbox is always pleasant. Make it a rewarding experience by spending it sensibly instead of burning it on luxury that you’ll soon forget

Go to main navigation