Best Way to Spend Tax Refund

Tax refund

Businesses (no matter whether it’s Amazon, Macy’s, JCPenney, other established brands, and small businesses) offer a wide array of Tax Day specials, freebies, attractive deals, and sales on or around Tax Day. April 15 is the official tax day and in 2019 it fell on Monday. You can still catch up on the exciting offers and coupons rolled out by different businesses at the Don’tPayAll website.

Good planning of money is very important. This planning should include the tax refunds you get every year after-tax filing. Generally, people use this refund money for spending on a wide array of things including holidaying or buying material things. Give this refunded money a purpose, just like you do in case of your weekly or monthly paycheck. Try to get the best out of the tax refund money by using coupons, attractive deals, and discounts from Don’tPayAll to help you to make the most out of the money you receive as a tax refund, here are the best ways of spending them:

Best Ways of Spending your Tax Refund

1. Start an Emergency Fund or Increase Its Corpus with the Tax Refund

Emergency fund

It is extremely important for any person to have an emergency fund so that he/she can spend in case of major emergency expenses. In most cases, it has been seen that people get trapped into a debt spiral and move towards a financial disaster. Experts say a person must have an emergency fund that is equivalent to 6-to-8 months’ worth of savings. This fund should be placed in a simple interest-bearing account that can be accessed easily and instantly. The most common interest-bearing accounts are money market account or online savings account. To create this fund it generally takes months and even years if you want to create it by taking small amounts of money out of each paycheck. You can accelerate this process by using the tax refund amount and put it entirely in this Emergency Fund account.

In case you get into a medical emergency, it is prudent to use coupons, discounts, deals from medical shops, medical equipment, and other emergency hospital facilities at the best price.

2. Reduce or Eliminate High Interest Debt

High interest debt

If you have a debt that come with the baggage of high interest then the most sensible thing you can do is pay it off as soon as possible or reduce the burden. It may not be possible for you to do it from your paycheck. However, it can be done by using this tax refund amount for starting a debt elimination program.  When you use this fund, it will help you eliminate the high interest debt account lot earlier than the entire period for which you signed for the debt.

Though you can manage your multiple debt accounts and negotiate them with the respective lending companies for eliminating or reducing debt, it is prudent to take professional help from debt consultants or debt consolidation/settlement/relief companies. If you visit such debt consultants or debt relief companies, you can make the most of their professional services (such as CuraDebt, American Debt Enders, National Debt Relief, Nationwide Debt Consultants, and others) by using respective coupons from Don’

3. Start Savings Accounts to Meet Specific Goals in the Future

Savings accounts

A disciplined and frugal consumer must have a mindset of saving money in an itemized manner for fulfilling the needs of future goals. That’s why it is extremely important to create an itemized savings account so that you have enough savings for the future and you don’t get into a debt trap in case of emergencies. To make your future secure and smooth, it is very important that you start a personal capital budget and follow it up with an itemized savings account. This will help you secure specific needs and goals in the future. To save more, you can collect coupon discounts from Don’tPayAll and use them to get attractive deals and discounts on your bank accounts (such as Ikano Bank SE).

In addition to the above-mentioned ideas, you can also use the tax refund for investing in either tax-sheltered or taxable investment accounts to make your money grow. In fact, you can also use it as seed money for starting a business. If you are planning for a well-awaited summer vacation, you can also use this tax refund for splurging on that. Visit Don’tPayAll and collect your coupon to get huge deals, discounts, and freebies from hotels, holiday inns, resorts, and other travel hotspots.


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