Tax season may not be your favourite time of year, but getting yourself organized beforehand can make the task less daunting. The new tax changes for families can mean the possibility of a refund (my favourite part of tax time), but how to spend that money?
When it comes to your refund, are you more apt to spend it on the family, put it toward needed expenses, or splash out and treat yourself? I think I float between all three categories, dreaming of how to use our refund multiple times before the money arrives. I’m sure you do the same, but in case you need a little inspiration, look no further.
15 Ideas for How to Spend Your Tax Refund
Ever notice in the family the kids always take the lead, even when it comes to your taxes. They cost us money but they also earn us credits come tax time so I sometimes feel I should reinvest any tax refund money back into the family:
- Book another week of summer camp for the kids
- Plan a staycation and enjoy a late night swim in the hotel pool
- Head to the movies for the latest blockbuster and splurge on getting everyone their own popcorn bucket
- Buy a new pair of sneakers for the youngest instead of the hand-me-downs from older siblings
- Take a vote. Turn the shopping over to the kids and let them decide on an item the whole family could enjoy. A new BBQ? Perhaps a bigger TV? Maybe an outdoor swimming pool?
– Some years a refund isn’t a bonus or extra money for the family but rather it becomes a way to pay for needed expenses like:
- Make a lump sum payment toward the mortgage (does this option ever go away?)
- Grab some of your family favourite items at the grocery store and make a donation to your local food bank for those not as fortunate during tax season
- Finally get those braces on the teeth of the oldest child
- Sign the kids up for an after school course like chess, robotics or maybe dance
- Pay off that mounting credit card bill
Additional Reading: Family Adventures on a BudgetFrivolously Fun
– Of course that tax refund can be viewed as found money right? Why not treat yourself with something you wouldn’t normally do:
- Book a date night at one of the city’s best restaurants, leaving the kids and family concerns behind
- Escape to the day spa for a body wrap and message and linger to enjoy the steam room
- Restock your cupboard with a few fine wines from the Vintages section
- That bag. Those shoes. That item you’ve been dreaming about adding to your wardrobe but it fell out of your clothing allowance can now be yours.
- Add a piece of art to your home. I prefer something from a local artist, adding a little story to each art piece you own
Of course, there’s nothing to say you can’t cover all categories at once, like treats for the kids for a movie sleepover at Nana’s while you and your partner enjoy some fine wine on your date night at home.
Whatever your refund dreams, using software like TurboTax means you won’t miss one credit or deduction you are owed. The software searches through more than 400 credits and deductions to ensure you get the maximum return. Plus, filing your taxes online with NETFILE is easy and yields you a faster refund in as few as eight days.
Try TurboTax for FREE either online or on your desktop and see how much easier tax season can be and how much sooner you can start using your tax refund. What’s your refund style: family, frugal or frivolously fun?
TurboTax sponsors this post though all opinions expressed are my own.