Tax Refund burning a hole in your pocket? Spend Smart!

Tax time can be an exciting or dreadful time of the year depending what side of the fence you fall on. For those who will be receiving a refund this year, tax time brings the opportunity to spend some extra cash. Some people choose to indulge on vacations or new toys while others take a more practical yet less exciting route and pay down debt or stock pile it away in their rainy day fund. I went searching the world wide web for advice on how to wisely spend tax refund cash and found a few different articles with suggestions. The most common advice was to pay down debt, fund your retirement or savings account, and invest in yourself and in your home. I will acknowledge that I may be a bit biased in my opinion, but I strongly agree that using your tax refund on home improvement projects is a smart move. Luckily you don’t have to take just my word for it because one of the Money Crasher bloggers shared why he considers the portion of his tax refund he spent on home improvement projects a great investment. 

“As an example, this year I decided to spend 25% of my tax return on home improvements, which often yield “double benefits” in my opinion. First, you’re not blowing your tax money on an iPhone 4 or a 65″ flat screen TV – you are using it for upgrades to your home. This can yield signficant future benefits by raising the value of your home. Moreover, you’ll get to actually enjoy the benefits of these home improvements in the short-term, rather than doing what many people do – upgrading their home right at the time they want to sell it.”

I love that David highlighted the “double benefits” of using your tax refund on home improvement projects. Upgrading your home can not only be a great investment, but it can also feel like a special treat. When I replaced my entry door I was shocked at how proud I was when I had company over and they complimented my new door. It was even better than when I get compliments on a new hair cut! So, consider getting the most out of your tax refund this year by splurging on a home improvement investment at the Millwork Outlet this tax season!

For more tips on smart ways to spend your tax refund please visit these websites: 

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