7 Strategies On Spending Your Tax Return

In celebrating tax day, it is definitely appropriate to come up with some efficient strategies of how to use the tax return that you receive from Uncle Sam. Rather than just splurging on materialistic items that determine our rank in society, let us utilize the lump some of money that puts each of us in a better financial situation for the rest of the year and beyond.

1. Transfer your money into a high yield savings account like the ING Orange Savings account. If you don’t have one get at me and we will get you going.
2. Pick a vacation destination and start building a fund towards your paradise. My friend, Dolly Iris, is building up her Australia fund.
3. Donate some money to a charity, it is a tax write off that will reduce your taxable income for next year’s tax return. I recommend Coaches Versus Cancer as a suggestion.
4. Act like a bank and deal out a loan for someone who needs it. Sign up for one of the many peer to peer lending sites. Consult Moolanomy’s Lending Club overview for more information.
5. Pay down any outstanding debts you may have. Credit cards, medical bills, car loans, anything that is a nuisance on your budget, make it disappear.
6. Can you say Start Up Company? If you have an entrepreneurial passion, stack some of your green with the goal of investing it in a new endeavor. Sign up on ParnterUp to try and meet others with the same passion as you.
7. DON’T SPEND IT AT ALL! Throw that money somewhere safe where you can not spend it until you figure out what to do with it……… Might I suggest a shoebox??