You’ve paid into the system all year, and now you have finally been rewarded! Your refund check has arrived in the mail and it is burning a hole in your pocket. Before you hit the nearest mall, stop to consider how you could use the money most wisely.
Here are five smart ways to spend your tax refund brainstormed by our team at The Happy Outlet.
1. Pay Off Debt
The smartest way to use your tax refund is also the least fun or exciting. But it offers you something totally priceless: financial freedom! If you have some credit card debt piled up or you financed a major home improvement project in the last year, consider paying it off early and saving yourself some money in the long run. It might not be as much fun as splurging on new shoes or an exotic vacation, but it will definitely make extra room in your budget for the years to come.
2. Make Home Repairs
If you are virtually debt-free, consider using your refund check on something else practical. Have you noticed your lights flickering or that your HVAC system is close to sputtering to a halt? Invest your refund in important home improvements or repairs that will increase your safety and comfort.
Fixing things around the house that have been on your to-do list for ages adds value to your property and prevents expensive emergency repair situations. If you need any electrical repairs such as new circuits, new outlets, more smoke detectors or a larger electrical panel, give us a call at The Happy Outlet!
3. Build Up an Emergency Fund
If your house is already in good shape and your credit cards haven’t been swiped in a while, consider using your refund to plan for the future. You never know when bad weather or bad luck might strike, but having an emergency fund helps to ease the burden when repairs are necessary.
4. Spruce Things Up
If your home doesn’t need any major repairs and you’ve already got an emergency fund set aside for a rainy day, you might want to make some cosmetic changes in your home. Is your carpet stained, or is your old light fixture a total eyesore? Use your tax refund to spruce things up! If you want to make any electrical upgrades such as new fixtures, under cabinet lighting, home security, smart thermostats, and more, The Happy Outlet is here to help you out!
5. Splurge Smart
Last but not least, if your home and finances are exactly where you need them to be, use your hard-earned money to treat yourself. Make sure to carefully consider what you want and do plenty of research before you blow your whole check on something.
Consider what would be the most fun and meaningful for you and your family. Take a much-needed vacation, get backstage passes for your favorite artist, or install a home theatre system!
Still brainstorming smart ways to spend your tax refund? Give us a call.
If you are thinking about using your tax refund for important home improvements or beautiful cosmetic upgrades, give us a call at The Happy Outlet. We will help you determine how to maximize your electrical improvements within your budget.
If you need any electrical repairs, replacements, or upgrades in your Carson City home, contact The Happy Outlet! Give us a call at 833-2B-HAPPY to schedule an appointment and get started.