How Will You Spend Your Tax Refund?

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We have 5 tips on how you can better spend your tax refund this year.

The ATO predicts around 82% Australians will be receiving a tax refund this year.

It’s always tempting to buy a luxury item or short term treat, it is better to think of the refund as a kind of surprise forced savings.

Here are 5 ways you can ensure your money is being put to good use:

Get healthy

A healthy body = a healthy mind. Research shows fitter people have better focus, concentration and mental processing, enabling them to be more efficient and boost productivity. A yoga or pilates course, a therapy session you haven’t tried before or a gym membership or boot camp can be the catalyst to a much healthier life.

Check out our story on how exercise can fast track you career: http://bit.ly/29qwPDy

Start your own business

Do you dream of being your own boss? You could use your return to take the first step towards starting your own business. Even if it’s not enough to start the business right away, place the refund into a dedicated savings account to help you reach your goal faster.

Pay off debt

As tempting as it might be to spend your refund on a new wardrobe or television, try using the money to pay off as much debt as possible: like an outstanding credit card. In the long run ,you will benefit more financially, emotionally and spiritually from being debt free.

Invest your refund

Refund amounts as small as $2000 can be enough to establish an investment in either shares or a managed fund. While it might seem small to begin with, wisely investing in one or two stocks could see you benefiting in the long run, and you will start to learn about the stock market and managed funds so you will be able to make wiser decisions in the future.

Live a little

If you have exhausted all the above options and you still have some refund left over, maybe it is time to take that holiday you have dreamed of, or at least book the flights in the next 12 months. This will motivate you to keep saving for when it’s finally time to check yourself out at the airport and have a real break.

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Rebecca Wilkinson

CONTRIBUTOR

Say hello to Bondi Beauty's Beauty Columnist. Rebecca is a pescatarian, who may yet become vegan. She loves all things beauty, health & travel with a weakness for coffee. If she's not answering her mobile - it's probably because she's trying out the latest beauty craze like ice baths or rubbing smashed avo on her face. We know, what a waste of smashed avo. Reach out to her with your beauty questions.

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