With only four days to the end of financial year I am sure your attention will be drawn to the impending lodgement of your income tax return. Receiving a tax refund can be a great bonus to your household. Have you thought about what to do with this money? Here are some of ideas….
* Save some – having an emergency fund tucked away in a separate bank account will help for those unexpected events that happen in life. It can also give you great peace of mind.
* Pay down debts – Paying down bad debt, such as credit cards can help with your household budget and save you plenty of dollars.
* Pay for a holiday – Prepay for a well deserved holiday
* Home renovations – Fix those leaky taps or repaint your bedroom. Making small improvements to your home can help to increase the value of the home, making your refund work harder for you.
* Write your Will – Taking the time and spending the money to do a will is not always a priority and yet it is very important.
* Investment – Use your tax refund to start off an investment plan. You can add small amounts on a monthly basis after the initial start and then add some money from your tax refund each year. Watch your money work for you.
* Give to charity – This is my favourite tip. There is nothing better than the feeling of giving. If you are looking for a great cause – head to your fundraising page for “Erica’s Brave Hearts” every dollar adds up. Go to http://www.fundraise.city2surf.com.au/ericas_brave_hearts
Depending on the size of your refund you can spread your refund over a few of my tips. Whatever you decide to do, make the most of it.
Remember individual tax returns are due to be lodged by the 31st October of each year.