So this is the first year in a while that we actually got a decent tax return (in part because we made a lot of purchases relating to work in the past year) So we were pretty excited to say the least, in my head I had already spent it on a holiday deposit and new shoes haha < bubble burst by hubby pretty quick.
Once I put my sensible hat on hubby and I got discussing about potential ways we could use the extra cash, and why they may not be the most exciting ways to spend money they are practical and will make life a bit easier, these are our top tips for making the most out of your tax refund.
Yep we have them every month those dreaded bills, use your tax return to pay your electricity, water or gas bill in advance. Then continue to pay your bills as you would normally and you will always be in front, you never know when you may fall on hard times, paying a month or 2 ahead would definitely come in handy.
High Interest Account
Pop in a high interest account lot of accounts like ING have higher interest options if you leave your money in account for a certain period of time. Nothing like earning more money on your own money.
Pay Off Your Credit Card!
If you have a credit card and owe money on it pay it off, you can always redraw if you need to and it’s a good way to keep your interest down. If you have several credit cards make sure you pay the highest interest down first, this will save money in the long run.
We all know how expensive Christmas can be, Australians spend millions on credit card purchases at Christmas time, how good would it be not to stress at Christmas , have the funds ready to go, pop in an ING account till you need the money and earn interest as well < winning!
There you have our top tips for spending your tax return, how will you be spending yours?