Ahhh it’s tax season.
Sidewalks and curbs are decorated with empty flatscreen TV boxes. People are venturing out to treat themselves to dinners and other luxuries they couldn’t afford over the past year. Stores are discounting merchandise and people are ready to spend spend spend.
It’s easy to get caught up in the income tax spending season. After all, if you have poor spending habits, these will only be exasperated by the lump sum of money you received after filing your taxes. But you can also used this money to get ahead and get your goals going.
Here are three ways I urge you to consider using your income tax return:
Kick start your investment portfolio- Several people stray away from investing because they don’t believe they have enough money to make the initial investment. Consider allocating a percentage of your refund for investing. While you need a decent chunk of money (usually $500 min) to start your investment fund, you can contribute as little at $50 per month. I chose to do this with a portion of my return and was able to find a financial adviser that worked off contingency.
Consider using your income tax to invest in your happiness whether it’s that life changing trip, saving for a big move, or attending a conference or classes that will help you improve yourself and working habits. Note: pay attention to how you define happiness. In my opinion it this spending option should help you accomplish something you’ve always wanted to experience.
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