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| Education and Financial

04/08/14

Many happy returns: Why not take your tax refund and spend it on something fun

Any prudent and conscientious professional accountant or tax return and prep specialist probably is going to suggest that you take your sizable tax refund and do something with it that makes financial and fiscal sense.
Pay off your car.
Pay down your credit card bills.
Pay back a little more of your student loan.
But, is it so bad, to pay attention to those boring suggestions and instead use the money for something a little more enjoyable?

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That question should be contemplated and entered into carefully, depending on your current financial predicament. If you're wallowing in credit card debt or you've recently lost an income from your household, spending a few thousands dollars on jet skis for a summer vacation you really shouldn't be taking anyway might not be the most ardent advice.
Let's say, however, you're financial portfolio is relatively clean and you have a decent amount of money saved and your checking account is counting the days until it hits the negative. Sounds like you're in more of a position to be a little more playful with that tax refund.
Of course, even the financially stable might be more inclined to simply stash the return in the bank and call it a day, but there also isn't anything wrong with taking that money and doing something with it that might do something more than raise your account balance.
It just may put a much needed smile on your face.
Who says you can't turn around and surprise the family with a vacation to somewhere relaxing for the entire family? Imagine relaxing quietly on the beach with your significant other, while the kids have fun in the sun, playing in the sand and enjoying everything from building a simple sandcastle to floating aimlessly on the ocean waves.
That's a hard to picture of perfection to pass up on, right?
Fixing up your home or doing some much needed house repairs doesn't sound like quite as much fun as a vacation or trip but resides as a happy medium between simply putting your refund check in the bank and blowing it all in one fell swoop on something that isn't tangible.
Maybe it is time to refinish that basement into the game room or "man cave" you've always wanted. You have a few thousand bucks from your return, who says you can't use it to patch up that leaky roof or enclose that sun porch you've been putting off due to a lack of extra income? Not only are you making your home look better but you're adding value to it as well.
Plus, you're taking care of home repairs now and more importantly staying ahead of the next, inevitable household issue on the horizon.
If ultimately you feel more comfortable taking your tax refund and storing it in a savings account for the proverbial rainy day, there's no shame or harm in that mentality. But spending it wisely and with a little fun or practicality in mind might not be the worst idea, either.

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