{"id":353198,"date":"2021-12-03T09:00:00","date_gmt":"2021-12-03T16:00:00","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=353198"},"modified":"2022-09-22T15:40:03","modified_gmt":"2022-09-22T21:40:03","slug":"what-to-do-with-tax-refund","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/education\/what-to-do-with-tax-refund\/","title":{"rendered":"What should you do with your tax refund? 13 smart money moves"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-600x338.jpg\" alt=\"\" class=\"wp-image-360310\" width=\"579\" height=\"326\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-600x338.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-300x169.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-768x432.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-1536x864.jpg 1536w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-450x253.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-900x506.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-1400x788.jpg 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return-2000x1125.jpg 2000w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-to-do-with-your-tax-return.jpg 2048w\" sizes=\"(max-width: 579px) 100vw, 579px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.creditrepair.com\/disclaimer\"><em>Disclosure regarding our editorial content standards<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p>Getting a sizable tax refund feels a bit like an extra paycheck\u2014and unexpected income is always a fun surprise. It\u2019s also pretty likely that you\u2019ll see some sort of refund each year, as millions of Americans overpay on their taxes. Last year, for example, the <a href=\"https:\/\/www.irs.gov\/newsroom\/filing-season-statistics-for-week-ending-december-11-2020\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Internal Revenue Service<\/a> (IRS) reported that more than 125 million households received tax refunds, totaling more than $320 billion\u2014or around $2,500 per person.<\/p>\n\n\n\n<p>But what should you do with your tax refund? After all, a couple thousand dollars can make a dent in quite a few projects and purchases, so it can be helpful to decide where the money will have the most impact.&nbsp;<\/p>\n\n\n\n<p>Below, we break down ideas for spending your tax refund into short-term financial goals, long-term financial goals and immediate gratification ideas. <\/p>\n\n\n\n<p>Use the links to jump to a specific set of ideas, or read on for the full list.<\/p>\n\n\n\n<ul><li><a href=\"#short\">Short-term financial goals<\/a><\/li><li><a href=\"#long\">Long-term financial goals<\/a><\/li><li><a href=\"#instant\">Instant gratification ideas<\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"short\">1. Pay off high-interest debt<\/h2>\n\n\n\n<p>High-interest debt, like credit card debt or payday loan debt, will continue to generate interest charges until it is paid off. Generally, high-interest debt is considered to be anything with an interest rate above 10 percent.&nbsp;<\/p>\n\n\n\n<p>The reason to prioritize paying off high-interest debt is that it will likely give you more money to spend down the road\u2014even if it means less money immediately accessible to you. For example, if you use your tax refund to pay off a $2,000 credit card debt with 19 percent interest, you would save more than $400 in interest charges over the next two years.&nbsp;<\/p>\n\n\n\n<p>Paying off high-interest debt is a bit like investing: The money you save in interest charges is the return on your investment\u2014and it\u2019s very rare to find any other investment with a higher percentage return than a credit card\u2019s interest rate.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If you have any high-interest debt, use your tax refund to make a lump-sum payment that will save you money in interest charges over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-create-an-emergency-fund\">2. Create an emergency fund<\/h2>\n\n\n\n<p>An emergency fund can help cushion you against unexpected expenses. The <a href=\"https:\/\/www.federalreserve.gov\/publications\/2021-economic-well-being-of-us-households-in-2020-dealing-with-unexpected-expenses.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Federal Reserve<\/a> reports that around one-third of Americans would be unable to find funds to cover a $400 emergency expense\u2014like a medical bill or car repair.&nbsp;<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/KjzAMnqx5cg\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<br> <p>Financial experts recommend saving at least one month of expenses for emergencies, and if possible, it\u2019s better to save three, six, or twelve months\u2019 worth of expenses.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"240\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-600x240.png\" alt=\"An emergency fund with several months of expenses can help you prepare for unexpected costs.\" class=\"wp-image-360312\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-600x240.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-300x120.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-768x308.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-450x180.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-900x360.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund-1400x561.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/emergency-fund.png 1501w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>To find out how much you need to save, add up all of your necessary expenses (like housing, food, insurance) and multiply by the number of months you want your fund to cover. Putting your tax refund aside as the seed of an emergency fund can help you get started right away. Aim to keep your emergency fund in a savings account, as you\u2019ll want that money to be available quickly if needed.&nbsp;<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>An emergency fund helps protect you from unexpected expenses, so consider starting one right away with your tax refund.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Make a dent in your loans<\/h2>\n\n\n\n<p>Even if you have no high-interest debts, it\u2019s still beneficial to take a look at your other debts to consider making extra payments. For example, auto or student loans with interest rates between 4 and 9 percent are still slowly draining money through interest charges.<\/p>\n\n\n\n<p>A student loan of $25,000 at 7 percent interest will generate almost $5,000 of interest over five years. If you applied your tax refund of $3,000 directly to your loan balance, you\u2019d save more than $500 in interest.&nbsp;<\/p>\n\n\n\n<p>While loans with reasonable interest rates are not as financially dire as high-interest debt, they\u2019re still worth paying off if you have the funds to do so. If you\u2019re already covered with savings for financial emergencies, starting to knock out debt could be a sound financial approach.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>Debts like auto loans or student loans are good candidates for a tax refund, since the more you apply to your payment, the less you\u2019ll pay in interest over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Make home improvements<\/h2>\n\n\n\n<p>If you own a home, using your tax refund to make upgrades is an investment with both short- and long-term benefits. The money you put into a home improvement project can immediately add to your quality of life, but it may also increase your home\u2019s equity, providing a return on your investment if you sell the house later on.<\/p>\n\n\n\n<p>With a modest tax refund, you could look at projects like installing gutters, repainting rooms, replacing some flooring or purchasing window treatments. Small projects can make a big difference in the livability of your home.&nbsp;<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If you\u2019ve been putting off a necessary or a desired home upgrade, consider re-investing your tax refund in your home\u2019s well-being.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Upgrade your home office<\/h2>\n\n\n\n<p>More and more Americans are working from home, and having a great setup can be the key to promoting productivity and peace. If your job has moved fully remote, it might be time to get your work-from-home environment upgraded.<\/p>\n\n\n\n<p>Consider a better desk or an ergonomic chair for initial upgrades. You may also want to outfit your space with new lighting, decor or plants. Finally, tech upgrades like a dedicated Ethernet connection, an additional monitor or a new mouse and keyboard can make long days on the computer much more enjoyable.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If your home office is currently the kitchen table, you may want to use your tax refund to build up a dedicated space for getting things done.<\/p>\n\n\n\n<h2 id=\"long\">6. Retirement savings<\/a><\/h2>\n\n\n\n<p>If your immediate financial needs are covered, consider using your tax refund to start tackling long-term goals. For example, setting aside money for your <a href=\"https:\/\/www.creditrepair.com\/blog\/finance\/how-to-prepare-for-retirement\/\" target=\"_blank\" rel=\"noreferrer noopener\">retirement<\/a> has very little immediate impact, but compounding interest means your investment today will mean a lot down the road.<\/p>\n\n\n\n<p>If you put aside a tax refund of $2,500 in a retirement investment account at age 25, your money will grow to more than $17,000 at retirement with modest investment returns of 5 percent.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"240\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-600x240.png\" alt=\"An IRA is a tax-advantaged retirement savings account\" class=\"wp-image-360313\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-600x240.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-300x120.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-768x308.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-450x180.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-900x360.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account-1400x561.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/what-is-an-IRA-account.png 1501w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>When opening a retirement account, consider either a 401(k) plan or an Individual Retirement Account (IRA). Many companies offer a 401(k) with matching, which means that your investments will be doubled by contributions from your company up to a certain amount. And your IRA has tax advantages\u2014either by enabling pre-tax contributions or tax-free withdrawals at retirement, depending on the account you choose.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>Setting aside your tax refund for retirement doesn\u2019t have an immediate effect, but compounding interest will give you a large return over time, providing you more money down the road.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. College savings<\/h2>\n\n\n\n<p>Another long-term goal worth pursuing is setting up a 529 College Savings Plan for your children. These accounts enable you to generate interest on college savings, which can eventually be withdrawn tax free to pay for educational expenses.&nbsp;<\/p>\n\n\n\n<p>Even a modest tax refund can grow significantly with 18 years to mature, helping to defray the rising tuition and housing costs associated with both public and private universities. After setting up the fund, consider making monthly contributions to help it grow enough to fully fund college for your children.<br><\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>A 529 College Savings Plan funded by your tax refund can help generate money to spend tax-free on education for your children down the road<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">8. Prepay mortgage<\/h2>\n\n\n\n<p>One of the largest debts most people acquire is a mortgage, which may stick around with you for 30 years or more. Fortunately, it is possible to prepay your mortgage with no penalty in most cases, and the effect of an extra payment can be twofold.<\/p>\n\n\n\n<p>First, if you make extra payments, the total length of your mortgage is likely to decrease\u2014so you\u2019ll own your home outright sooner. Second, you\u2019ll lessen the total cost of interest you\u2019ll pay over the life of the loan, saving you money over time.&nbsp;<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If you\u2019ve already squared away your other debts and investments, putting extra money toward your mortgage is a sound financial decision.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. Purchase life insurance<\/h2>\n\n\n\n<p>Life insurance can help protect your loved ones in the case of your death, as they\u2019ll receive a lump-sum payment to provide for them financially in your absence. While no one likes to consider death in their younger years, the cost of life insurance is often negligible compared to the financial security it provides.<\/p>\n\n\n\n<p>For example, a $3,000 tax return can cover almost half of the cost of a 20-year life insurance policy for a healthy 40-year-old person. In the event of death, the family of the deceased would receive $500,000\u2014far more than the $6,000 invested into the policy.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>Life insurance can be a wise investment to protect your family if you\u2019ve already funded your tax-advantaged investment accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10. Start a business<\/h2>\n\n\n\n<p>More Americans are self-employed than ever before\u2014in fact, there are currently around 10 million American workers not answering to any boss but themselves according to the <a href=\"https:\/\/www.bls.gov\/cps\/lfcharacteristics.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bureau of Labor Statistics<\/a>. If you\u2019ve always wanted to start a business you\u2019re passionate about, your tax refund could be the capital you need to get started.&nbsp;<\/p>\n\n\n\n<p>With business tools becoming increasingly affordable, you may need little more than a website to get started working with customers and generating revenue. Your tax refund could provide the initial seed money to get your business off the ground, especially if you build your business while continuing to earn income from a full-time job.&nbsp;<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>Starting a business involves a lot of work up front, but your tax refund could be the boost you need to cover initial expenses.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 id=\"instant\">11. Buy something you want<\/a><\/h2>\n\n\n\n<p>If you\u2019re already in good financial shape, there\u2019s nothing wrong with using your tax refund for something nonessential. Assuming you\u2019ve paid off high-interest debt, created an emergency fund and started investing for retirement, spending a bit on yourself is a reasonable reward for your financial discipline.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"240\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-600x240.png\" alt=\"Using your tax refund to reward yourself is a fine idea.\" class=\"wp-image-360314\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-600x240.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-300x120.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-768x308.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-450x180.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-900x360.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself-1400x561.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/tax-refund-reward-yourself.png 1501w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>A financial windfall of several thousand dollars from your tax refund could be the permission you need to purchase a luxury item you\u2019ve always wanted\u2014like a high-tech exercise bike or a high-quality guitar. As long as you don\u2019t let <a href=\"https:\/\/www.creditrepair.com\/blog\/finance\/lifestyle-creep\/\" target=\"_blank\" rel=\"noreferrer noopener\">lifestyle creep<\/a> influence your spending decisions going forward, a one-time splurge with your tax refund is usually just fine.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If you\u2019ve got all your financial ducks in a row, give yourself permission to buy something unnecessary that you wouldn\u2019t normally purchase.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">12. Take a vacation<\/h2>\n\n\n\n<p>Often, memorable experiences seem to provide more long-term joy than expensive items, so using your tax refund to take a bucket list trip could be the right decision for you. Again, you\u2019ll want to make sure you have your necessities covered, but beyond that, a windfall is a great opportunity to travel somewhere you\u2019ve always wanted to go.<\/p>\n\n\n\n<p>By searching online for deals on flights or hotels, far-off destinations that you\u2019ve always dreamed of could be within reach even with the average tax return of $2,500. While the long-term monetary returns would be higher if you invested that money, the memories and joy you\u2019ll carry with you are worth the cost\u2014especially if your tax refund was an unexpected and unneeded source of income.<br><\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>A dream vacation has the potential to continue providing joy for you with memories that will last a lifetime, so consider using your tax refund for travel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">13. Donate to charity<\/h2>\n\n\n\n<p>Sometimes, the best use of a financial windfall is to pay it forward. If your finances are in good shape, a charitable donation could be a great way to handle an unexpected source of income. Even if you only donate part of your tax refund, you can make a big difference, especially if you donate to a smaller or local charity.&nbsp;<\/p>\n\n\n\n<p>Search online for charities that support causes you\u2019re passionate about, and use part or all of your tax refund to make a charitable gift. Incidentally, charitable giving is tax deductible, so your generosity could also save you money on next year\u2019s tax bill.<\/p>\n\n\n\n<p><strong>Key takeaway: <\/strong>If your financial needs are already taken care of, giving part or all of your tax refund to a vital charity is a great decision.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How your tax refund can boost your credit score<\/h2>\n\n\n\n<p>If your credit score isn\u2019t where you want it to be, getting a large tax refund could be the support you needed. Your score is composed of several factors, and using your refund wisely could help you boost some of those factors to potentially increase your score.<br><\/p>\n\n\n\n<p>For example, making payments on a loan could improve your payment history, and paying down credit card debt could lower your overall credit utilization. <\/p>\n\n\n\n<p>If you need help figuring out where to get started, you may want to <a href=\"https:\/\/www.creditrepair.com\/fix-my-credit\" target=\"_blank\" rel=\"noreferrer noopener\">reach out to the team at CreditRepair<\/a>.com, who can help you review your credit report and figure out a strategy for improving your credit\u2014even potentially filing disputes against inaccurate information on your report.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><a href=\"https:\/\/creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">Note: <\/a> The information provided on CreditRepair.com does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting a sizable tax refund feels a bit like an extra paycheck\u2014and unexpected income is always a fun surprise.<\/p>\n","protected":false},"author":76,"featured_media":360311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3133],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>13 ideas for what to do with your tax refund - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"A hefty tax return is a financial windfall. 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