It's been a month since you filed your tax return with your accountant. You're eagerly awaiting your refund. It's more than you expected! You have big plans to treat yourself to a week's worth of smashed avocado brunches and a new activewear wardrobe, until your responsible friend suggests there are better ways to spend it...
There are many ways to invest your tax return! You could put it into a high interest savings account, pay down a bit of your mortgage, pay off some debt, or invest in yourself by putting it towards furthering yourself in your career.
Give some cash to a charity close to your heart. Keep the receipts, because this can be used as a deductible next year!
We all have a hobby wish list hidden away in the depths of our brain. Maybe you want to take up rock climbing but the price of the shoes put you off. Perhaps you've been wanting to join an expensive CrossFit gym. Use your refund to invest in yourself by finally taking on the hobby of your dreams!
Living a more sustainable life is great for the environment and your bank account. Use the money to insulate your home to save on heating and cooling expenses, purchase a composting system, or install solar panels on your roof. These changes can cost a lot initially, but will end up saving you money in the long run! Plus, the Earth will thank you for it.
The side hustle is becoming increasingly popular with the younger generation, as the world slowly moves away from a typical nine to five job structure. Lots of people are running small businesses on the side, from Etsy stores to house cleaning. It does, however, usually cost you a sum to initially set up a side job, and that's where your tax refund comes in!
... But do it with some thought. A few times a year, you are likely to begin feeling run down and in desperate need of some recharging. Often, this slump comes around mid-year. Take your tax return and invest in yourself and your mental health. This is completely customisable to your budget, you might like to take a personal day to lie in bed, watch Netflix, and order Uber Eats. You might treat yourself to a massage or a facial, or you might go bigger and take a short trip for a weekend to get away for a little while. The most important thing to remember is to work with your budget! Don't blow your savings on a big trip you can't afford!