This shop has been compensated by Collective Bias, Inc. and its advertiser, Walmart Family Mobile. All opinions are mine alone. #YourTaxCash #CollectiveBias
It’s tax season! Raise your hand if you’re still pulling all your paperwork together (*raises hand*). Now, raise your hand if you’re excited about getting that tax refund real soon. It’s something I look forward to every year and, because I know we have so much in common, I’m here to help you max out that tax cash instead of wasting it!
And, I know wasting it is easy. You’ve had your eye on some luxury thingamajig or a new kid-gadget that lights up and dings. Before you go splurging, check out these 7 Ways to NOT Waste Your Tax Refund. Hint: it might involve the Walmart Family Mobile PLUS Plan—it’s just one of the ways you can stretch your tax refund. Read on for the rest.
7 Ways to NOT Waste Your Tax Refund
Grab some paper or your planner and let’s look at a few ways you can use your tax refund wisely. I typically do a mix of these, depending on the amount. Here we go…
- Pay down debt. I always start here because debt can be so devastating to families. If there’s one small debt you can pay off with your refund, I say go ahead and pay it in full. It also helps to pay a little extra on all the debts you have, if you prefer that method. As an added tip, if you owe a friend or family member and promised to pay them at tax time, do it! You’ll be glad to have some of the weight of debt off your shoulders.
- Get out of long-term contracts. If you’ve been stuck in a contract, either for cable or a cell phone or something similar, take this chunk of cash and pay it down or pay it off. And, if it happens to be a cell phone contract, use this opportunity to switch to an affordable plan like the Walmart Family Mobile PLUS Plan. More details on that below, but just know that for $49.88 per line, you can get Unlimited* Talk, Text, & Data (*Includes up to 10GB of 4G LTE† data then 2G). It also includes a free VUDU movie credit every month worth $7 (same as new release rental) and since Walmart Family Mobile bills you later, you only have to pay $19.88 for the SIM Kit to get started.
- Build your short-term savings. Check your calendar–what’s coming up next? Will you need money for prom or vacation or some other expense soon? If so, put some (or all) of your tax refund aside for this purpose. You might also use this money to begin or increase your emergency fund. Look ahead and appropriate the extra cash wisely.
- Grow your money. Remember how you said you wanted to start investing? It’s time. Get advice from a professional and get started. At the very least, start saving in an account that offers you some interest. The goal here is to look for a way to increase the money you just received.
- Address an urgent need. If you’ve been forced to put off a costly repair, take care of it. If it’s a home repair, I also recommend getting a reliable home warranty if you don’t already have one. (Here’s a referral link to the one I use).
- Reward yourself (or another family member). Now that the get-yourself-stable stuff is done, it’s time for the have-yourself-some-fun stuff (although getting stable is fun!). Use some of your refund to reward yourself or someone else in the family or you might even want to splurge a bit on snacks and surprises for an at-home family movie night using your free VUDU movie. If you have a tween like I do, maybe s/he’s ready for that first phone. Mine is enjoying the Samsung Galaxy On5 as a part of the Walmart Family Mobile PLUS Plan. The regular price is $119 and it was on rollback for $69 at our local Walmart. You can get a peek at it in the pictures shown here.
- Give to a charitable cause. Finally, tax refund time is also a good time to give something extra to charity. I’m considering a special gift to the child we sponsor but there are a ton of other ways to support others. Let me know if you’d like more info on the child sponsorship program we support. Otherwise, find a way to stretch your tax refund in someone else’s direction too.
With that, I’ll encourage you to check your IRS refund status and start planning how you can use your refund dollars most effectively.
Remember to Check out Walmart Family Mobile
Before I leave you, here’s a reminder to give the Walmart Family Mobile PLUS Plan a gander. At $49.88 per line and no activation fee, it’s a good use for a portion of your tax refund and will save you money in the long run. You’ll enjoy that 10GB of 4G LTE data and the free VUDU movie every month. And remember, you just pay $19.88 for the SIM Kit to start and you can bring your own phone.
Find the SIM kit and the Samsung Galaxy On5 in the Electronics department at your local Walmart. Now, before you leave, how will you max your tax cash? Let’s chat about it in the comments!
Disclaimer: All prices for phones and plans included in this post are accurate as of the date of posting; however, these prices are subject to change. Please refer to http://cbi.as/7e-jr or your local Walmart for current pricing.