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7 ways to spend your tax refund

Oct 10, 2008

  1. Pay off the credit card – use the windfall to finally get on top of your debts and start getting ahead again;
  2. Deposit for a home – a bit hard to do so with a $200 refund, but if you have saved all those receipts during the year and get a nice refund it may kickstart your savings for a house;
  3. Put $1,000 into super – if your income is low enough then you may get the Government to match your super contribution with another $1,500 via the super co-contribution. Free money!
  4. Savings plan for the kids/grandkids – take advantage of the tax free threshold of kids where they can earn up to $1,667 per year and make the money work better for you
  5. Pay extra off the mortgage – rising interest rates have meant that extra repayments off the principal now will have significant effect in years to come
  6. Go on holiday – not sure if it is just me that feels this way, but it always seems sweeter having a holiday on the taxman.
  7. Christmas Club savings – yes folks Christmas is coming … make sure you have enough cash saved up so that you are not hitting the credit card & getting yourself into more debt problems come January

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