In case you haven’t heard, today, April 18th is the final day to file your taxes. This year you have a few extra days to do so because Washington D.C. observed Emancipation Day, a federal holiday, on Friday, April 15th, pushing the deadline back 3 days.
If you have not yet filed, you’re not alone. According to the U.S. News & World Report, the IRS estimates that 5 million procrastinators will file their taxes today. This is out of the 150 million tax returns the IRS expects to be filed in 2016. As of April 8th, 82 million refunds had been issued by the IRS, with the average refund coming in at around $2,798.
So what should you do with Uncle Sam’s money? Here’s a list of the most gratifying ways to spend your tax refund:
Feed the pig
Put some of the money away for a rainy day. You might need extra funds for emergency situations or unexpected costs and problems, whether it’s a necessary car repair or health problem. It’s also never too early to start saving for retirement. Open an IRA with your refund or place the money in an interest-bearing savings account to plan for the future.
Invest in your health
Your refund could pay for a year-long gym membership or exercise equipment for your home to get in shape. Once you spend the money on exercise you are more likely to hit the gym and take advantage of your investment. Have any doctor visits you’ve been putting off? Now’s the time to make an appointment that can be paid for with your refund. Other ways to use your refund for your health include taking yoga classes, attending cooking workshops on eating healthy, or seeing a therapist.
Treat yo self
Craving a day at the spa? Take your refund and spend it on a makeover-you deserve it after all your hard work! This is a time to splurge on a massage, mani/pedi, new pieces for your wardrobe, and or maybe a new haircut. We don’t recommend tanning salons, but it’s your money so do whatever makes you feel like a million bucks.
Consider spending your refund on a weekend getaway to recharge your batteries. Take a trip to a place you’ve always wanted to visit with your refund as a set budget for the adventure. Be sure to choose a destination that is not out of your price range!
Time for that upgrade
Tired of your old smartphone? Use the refund to upgrade to a new model! Or buy a new gadget that will enhance your everyday life, whether it’s a tablet, TV, or energy-efficient/money-saving home appliance. Replacing your old clunky washer/dryer combo with a newer set will save you money in the long run.
Donate to charity
Give back to society by giving some of your refund to a charity of your choice! Do your research to find an organization that aligns with your personal views and is in desperate need. Not only will this benefit those in need but you will be able to claim your donations on next year’s tax return.
Learn a new skill
Your refund could allow you to take a class at a local college and learn something new. Night classes are often geared towards working people who want to increase their skill set and they come with a low price tag. A few hours a week devoted to learning will help you better yourself and improve your way of life.
Tax refunds are like finding buried treasure. What you do with it is entirely up to you-so spend it wisely.