Skip to main content

Sponsored Content

5 Smart Spending Tips for Tax Refunds

Mar 03, 2015 02:32AM ● Published by Family Features

(Family Features) For savings-savvy consumers, tax season means getting creative with how to use your federal tax refund check.

The IRS says the average tax refund issued so far in 2015 tops $3,500. While it can be tempting to hit up the mall and blow through your money the second that big check arrives, smart spenders find ways to turn a refund into a “MeFund” through thrifty money-management decisions that keep cash in their pocket.

To help you become a better saver and a more prudent spender, Lynnette Khalfani-Cox, The Money Coach and personal finance expert Julie Stav suggest five smart ways to stretch your refund check, making your money go further and enhancing your quality of life:

1) Invest in yourself
In today’s economy, it’s wise to invest in your education, your career and your health. Each will benefit you personally and professionally. Consider using some of your tax refund check to take a continuing education class or attend a business networking event. Similarly, invest in your health by signing up for a gym, taking yoga classes, or getting the aid of a personal trainer. A healthy body can boost creativity and productivity – and hopefully lower your long-term healthcare costs too.

2) Pay off debt
A recent study from the American Psychological Association showed money is a top cause of stress for Americans. To help rid yourself of money worries, reduce debt with your tax refund. Pay off a credit card bill, wipe out a lump sum on loans, or make an extra mortgage payment to help toward becoming debt free.

3) Spend wisely by taking advantage of seasonal promotions
If you are going to spend on something you want, do it the smart way. Take advantage of seasonal promotions in order to keep much of your refund in your pocket. For instance, if you’re in the market for a new phone, go to Cricket Wireless to receive free or discounted phones, all after mail-in rebate, such as the Nokia Lumia 635. And, if you port your number to Cricket, you may also get a free month of service after completing two months on one of the provider’s Smart, Pro or Advanced plans. Check out more details at www.cricketwireless.com.

4) Budget for larger purchases
If you’re thinking about spending your tax refund on a vacation or must-have electronics, be sure to first budget realistically. Remember, a vacation won’t just involve travel expenses and hotel accommodations. Be sure to factor in food, entertainment and miscellaneous costs such as tips, souvenirs and parking. Before using your refund on a big-ticket purchase, you should also use helpful budgeting tools to monitor your monthly spending. Mint.com is a good online and mobile budgeting software tool that can help you track your spending.

5) Create a “MeFund”
A final way to put your money to good use is to boost your savings. Create a “MeFund” as a way to save more every month – whether from a tax refund check, through smart budgeting or value found by switching to a no-contract wireless carrier like Cricket on a nationwide 4G LTE network – so you can spend more on the things that matter to you in the future. Whatever your goal, you’ll reach it a lot sooner if you save exclusively for it.

From investing in yourself to paying down debt and being a smarter spender and saver, let tax refund season be your time to get ahead. After all, by using that tax refund check wisely, you’ll set yourself up for financial prosperity in 2015 and beyond.

Photo courtesy of Getty Images

Sponsored by Cricket Wireless

Family Features Family Features Lifestyle
  • Tri-Cities Exchange Club Breakfast

    09/26/2017
    07:00AM — 08:00AM

    Every Tuesday morning, 7-8am, men and women meet for breakfast at Colonial Cafe on Randall Road, ...


  • Coat Drive

    09/26/2017
    08:00AM — 05:00PM

    Please help those in need in our community with donations of new or clean, gently-used winter ite...


  • Sculpture on the Prairie

    09/26/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Wednesday Walking Club

    09/27/2017
    08:00AM — 09:00AM

    Wednesdays, April 5–October 25, 8–9 AM Free drop-in program for all ages Get fit the old-fashio...


  • Wednesday Walking Club

    09/27/2017
    08:00AM — 09:00AM

    Wednesdays, April 5–October 25, 8–9 AM Free drop-in program for all ages Get fit the old-fashio...


  • Coat Drive

    09/27/2017
    08:00AM — 05:00PM

    Please help those in need in our community with donations of new or clean, gently-used winter ite...


  • Sculpture on the Prairie

    09/27/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Fabyan Villa Museum & Japanese Garden open

    09/27/2017
    01:00PM — 04:30PM

    The Fabyan Villa Museum and Japanese Garden will return to a public hours schedule starting on Su...


  • Million Dollar Quartet

    09/27/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • Coat Drive

    09/28/2017
    08:00AM — 05:00PM

    Please help those in need in our community with donations of new or clean, gently-used winter ite...


  • Nature Tykes (for 3 year olds)

    09/28/2017
    09:30AM — 10:30AM

    In this program, for 3-year olds and their parents, grandparents or guardians, we’ll explore the ...


  • Sculpture on the Prairie

    09/28/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Fabyan Villa Museum & Japanese Garden open

    09/28/2017
    01:00PM — 04:30PM

    The Fabyan Villa Museum and Japanese Garden will return to a public hours schedule starting on Su...


  • Little Naturalists

    09/28/2017
    01:00PM — 02:00PM

    In this hour-long program for 4-5-year olds, children will discover the wonders of nature through...


  • Million Dollar Quartet

    09/28/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • Please join the Batavia Chamber of Commerce, Batavia Mayor Jeffery Schielke, and Batavia represen...


  • Comedy at Zanies

    09/28/2017
    08:00PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • Coat Drive

    09/29/2017
    08:00AM — 05:00PM

    Please help those in need in our community with donations of new or clean, gently-used winter ite...


  • Moms Connect

    09/29/2017
    09:00AM — 10:15AM

    St. John Lutheran Church at 7214 South Cass Avenue in Darien, IL will sponsor a new Bible-based s...


  • Sculpture on the Prairie

    09/29/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Story Time at Creek Bend Nature Center

    09/29/2017
    10:30AM — 11:00AM

    Treat your child to Story Times at Creek Bend Nature Center. This popular program series is for c...


  • Million Dollar Quartet

    09/29/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • Comedy at Zanies

    09/29/2017
    08:00PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • Live Entertainment: DJ

    09/29/2017
    09:00PM — 11:55PM

    Join us on historic Bourbon Street in Jambalaya at Pheasant Run Resort every Friday for live ente...


  • LEHSO Resale

    09/30/2017
    07:00AM — 02:00PM

    LEHSO Clothing Resale The Lisle Elementary Home & School Organization clothing resale is a bia...


  • The Holmstad’s 40th Annual Bazaar

    09/30/2017
    09:00AM — 03:00PM

    The community is invited to wrap up their holiday shopping early by stopping in at The Holmstad’s...


  • Sculpture on the Prairie

    09/30/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Green Fair

    09/30/2017
    10:00AM — 04:00PM

    Eco Vendors, Farmer's Market, Recycling Extravaganza, Green Speakers, Food Trucks, Children's Mak...


  • National Public Lands Day

    09/30/2017
    10:00AM — 01:00PM

    Volunteers are needed to help us plant trees, collect seeds and clear brush at our National Publi...


  • Million Dollar Quartet

    09/30/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • Comedy at Zanies

    09/30/2017
    07:30PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • St. Charles Singers: Mozart Journey XII

    09/30/2017
    07:30PM — 09:00PM

    The St. Charles Singers will launch its 34th concert season this fall with a new installment of t...


  • Live Music

    09/30/2017
    09:00PM — 11:55PM

    Join us on historic Bourbon Street in Jambalaya at Pheasant Run Resort for live bands every Satur...


  • Comedy at Zanies

    09/30/2017
    09:45PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


Neighbors Magazines
Neighbors Magazines, 28 South Water Street, Batavia, IL 60510, 630-995-3482, www.welcometoneighbors.com
Contact us