Tax Time Refund

Well it is official, Federal tax returns are finally being processed and checks are being issued, so how are you going to spend your tax return?  

Our return will be here in just a few days, thank goodness right? But there are many things to consider when you receive your return, as this refund time really only comes once a year. Top situations to think about: Savings, credit card debt, bills, and shopping (of course!).

Both of the boys officially have their own savings account so this is one of my favorite ways to “spend” your return.  While it may be easier for a child to save money, it’s not actually like they are going out and bringing home the dough.  Tax time is a great time of the year to put just a little bit aside for each of your kids.  A lot of banks offer children savings accounts with as little as a $5 first deposit.  Call around and check which of your local banks offer either a children’s saving account or student accounts, either of these would be perfect for your kiddo. Or you can search some account possibilities online, one I found was USAA. 

Credit Card debt is not any fun no matter who you are.  But emergency’s happen and then sometimes it’s hard to get caught back up. Tax return refunds are a great way to get caught back up on that long term debt.  You can use online calculators to see exactly how much you are saving by paying off the balance early.

So we have covered a few of the serious ways to spend your tax return, but everyone wants to have a little bit of fun!  SHOP duh, but don’t go overboard, look for coupons or discount sites so you can really still save but splurge a little bit to.  I found a site called Save1.com  that not only offers great coupons but then a part of every sale from their site goes to charity programs such as Actions AgainstHunger and Feeding America.  

Still have a little bit of extra cash after buying something pretty for yourself and taking care of all those bills? Why wouldn’t you donate to a local or even world wide charitable organization?  Your local city hall or County office can provide you with a list of charities or churches that can always use a helping hand.