Here's 50 great ideas for spending your tax refund!
The best thing about receiving a tax refund is having some extra cash to spend on something you need or want. It might be difficult trying to decide what to spend yours on. That's why we've put together this list to help inspire you.
Of course, there are some very sensible suggestions, along with a whole lot of fun ones to spark your imagination. Whether your tax refund is $500 or $3000, there's something interesting you could be spending yours on.
1. Go travelling
If you have the time, why not spend a few months travelling around a different continent or several countries? Ever wished you could visit Machu Picchu in Peru? Scuba dive in Australia? Backpack across South East Asia? A tax refund can help make your globetrotting dreams a reality.
If you're curious about the average tax refund for the countries we serve then check out the stats below:
- UK - £963
- NZ - $550
- Canada - $998
- Austria - €650
- The US - $800
- Holland - €850
- Belgium - €2,300
- Australia - $2,600
- Germany - €1,020
- Denmark - $1,200
- Japan - ¥111,000
- Luxembourg - €200
- Ireland - €1,076.17
- The US (J-1 Sprintax) - $591
2. Pay off loans
Ok, so paying off loans is a little less exciting than travelling the world but it's a pretty smart way to spend your tax refund. You might not be able to pay off everything, but, why not make a start on paying off that car or student loan debt?
3. Go on a shopping spree
A tax refund might be the perfect opportunity to treat yourself to a shopping trip and spruce up your wardrobe with some new clothes. Had your eye on a new pair of shoes? A fancy designer bag? A gorgeous new coat? Just don't forget to keep an eye out for bargains along the way so that you get more for your money.
4. Have a romantic weekend away
Book a romantic weekend away for you and your partner. If you have an anniversary or a birthday coming up, this is the perfect opportunity to earn some brownie points with your significant other.
5. Give yourself a new experience
Ever wanted to try skydiving? Hot air ballooning? Car racing? This might be your chance to partake in an experience that you'll never forget.
6. Give yourself a makeover
Get some expensive face treatments, teeth whitening, laser eye surgery; anything you've wanted but have avoided because it's too costly. You can use your tax refund to feel better about yourself!
7. Give to a charity or non-profit organisation
Why not give some of the money you receive to a good cause? It's good karma and you'll feel great for helping out.
8. Have a spa day
Book into a spa and relax with a massage, mud bath, hot tub or a sauna.
9. Invest in self-improvement
Thinking of using your tax refund for self-improvement but not sure what to do? If your shyness if holding you back you can take a public speaking course, if you're not sure if your life is going in the right direction, you can hire a life coach to help you find your passion in life.
10. Take a vacation
Roughing it in hostels for 3 months isn't everyone's idea of fun but a nice 1-2 week long vacation might be. Sit on a beach sipping cocktails or visit a cosy log cabin for a skiing vacation. Whatever your style, you can use your tax refund to make your dream holiday happen.
11. Home repairs and renovations
Are there some home repairs you've been putting off? Or maybe you've been thinking about doing some renovating? Receiving a tax refund can give you the cash you need to turn your house into your dream home?
Want some extra cash to splash?
12. Educate yourself
Take a course in something you love, this might be cooking, learning a language, taking up an instrument or it might be something like upskilling in your area of work. Maybe there's something you can learn that will improve your chances of getting that promotion or landing your dream job. Check out sites like Udemy.com and Coursera for online courses.
13. Take up a new hobby
Is there a new hobby you'd like to explore or one that used to bring you joy but you have let slip? Take up salsa dancing, painting, the ukulele, archery, whatever will make your spare time more fulfilling.
14. Get fit
Want to shed a few pounds, tone up or get fitter? A tax refund is a perfect excuse to join your local gym or buy some exercise equipment for your home.
15. Upgrade your electronics
Want a new TV, PC or sound-system for your house? Well now's your chance a tax refund might mean catching up on your favourite TV shows on a brand spanking new HD TV or listening to your favourite song on top quality speakers.
16. Splash out on luxuries
Sometimes, it's fun to spend on something luxurious that you wouldn't normally consider. For instance, you and a friend could visit a Michelin Star restaurant and try out some award-winning dishes. Or you could book a gorgeous room in a 5-star hotel.
17. Buy something you need
Are you in need of a new warm coat for the winter months? Maybe you need to replace a car part or get a root canal. There's always something that we badly need but put off for far too long.
18. Give your teeth a makeover
Been wanting braces? Veneers? Teeth whitening? Why not use your money to improve your smile? Cosmetic dental work is pricey but a tax refund could cover all or part of the expense.
19. Buy a car
Whether you want to buy your first car or upgrade your new one, a tax refund can help you pay for your new wheels.
Want some extra cash to splash?
20. Make a sensible investment
You'll have to explore your options but it's definitely a good idea to invest all or part of your refund. Whether it's in something like cryptocurrency or stocks and shares, investments are a sensible way to spend extra cash.
21. Spend it on something you've been dreaming about
Maybe you've always wanted to go to Disneyland, on a Caribbean cruise or to support your country at the Olympics? Spend your refund on living one of your dreams!
22. Be entrepreneurial
If you've been looking for some money to get a business up and running or to boost your existing business, you can use your tax refund to do it!
23. Save it for later
Not sure what you want to spend it on? You don't have to spend it straight away, in fact you're better off thinking about it for a while. Put your tax refund aside for future use, you never know when you might want to do something spontaneous a few years down the line and when the time arises, you want to be prepared. Just make sure you choose a savings account with decent interest if you plan on saving it long-term.
24. Create an emergency fund
You never know when you might need money for something like unforeseen medical expenses, natural disaster, sudden job loss or anything that might go wrong unexpectedly.
25. Invest in your kids future
Whether you've already gotten started on a family or you just plan to, it can't hurt to start saving for their future. Create an account that they can access at a certain age or set something up for their education.
26. Go to college
Speaking of college, you might be interested in taking on a college course yourself. There are lots of options for completing degree level and masters level courses part-time so that you can gain qualifications even while holding a job. If you've always wanted to go back to school or college, a tax refund might give you the opportunity that you need.
27. Buy a gift for someone
Treat someone you care about to a thoughtful gift.
28. Upgrade practical things
This might be your dishwasher, washing machine, your work wardrobe, your appliances, a new shower.
Do you have your eye on a brand new phone? Maybe you'd like a tablet to catch up on Netflix for your daily commute? Want a Fitbit to keep track of your fitness regime? A new camera to capture the happiest times with your family?
30. Get a new pet!
If you're into animals then maybe you'd like a cool fish tank full of exotic fish, an iguana with a comfortable habitat to live in or maybe a new puppy or kitten. You could use your refund to buy your dream pet. Just remember, only take on a pet if you have the time and patience to look after it!
31. Something cool for your home
A pool table? A swimming pool? A Jacuzzi?
32. Put money away for your retirement
Put all or some of your refund into a retirement account. When you reach retirement age, you'll be glad you did!
33. Create an opportunity fund
An opportunity fund is a sum of money that you put away in case an unexpected opportunity arises. For example, if something you wish to purchase becomes available at a significantly discounted rate. This way you have access to the money immediately.
34. Use it to move to a new place
Are you renting and want to move but can't afford the deposit? Use your tax refund to pay off a deposit for a new place.
35. Explore where you're from
Why not explore the country you're from. Take a weekend trip to check out your country's wildlife or explore a different city.
36. Challenge yourself
Surfing? Rock climbing? Kayaking? Why not try out something a little scary?
37. Save it for a milestone birthday
Do you have a milestone birthday coming up? Use the money to throw an extravagant party or celebrate by doing something crazy.
38. Save for a new-born
Planning on having kids at some point? It might be a good idea to put away money for expenses like prams, cribs, diapers and so on. New parents are often overwhelmed by the various expenses they're hit with when it comes to having a new-born.
Want some extra cash to splash?
39. Pay of credit card debt
There's nothing worse than being weighed down by high-interest debt like that of a credit card, use your refund to pay off what you can.
40. Create or upgrade your website
Maybe you have a business that could do with a website? Or you're considering getting into blogging. This might be the chance you need to create a new website or upgrade your existing one.
41. Invest in networking
Investing in networking events and business relationships can help you get where you want to go in life. More often than not, it's about who you know! Check out some expos and events relevant to your area of work and stick them in your diary.
42. Invest in your health
Hire a dietician or a personal trainer to help you create a health and fitness plan that suits your lifestyle and health goals.
43. Buy something fun
A boat, a mountain bike, a quad? Want to get something that you can have a little fun with at the weekends.
44. Spend on a form of therapy
Need to unwind? Try out some different forms of therapy, like floatation therapy or acupuncture for instance.
45. Save towards a big future purchase
You might be planning on getting a new car sometime in the near future... If so, you might be asked to put some money down for a loan. It would make your life a lot easier if you had the money ready for when you need it.
46. Renovate your garden
Replace your patio, buy some decking or a bunch of new plants. You can even hire a landscaper to help create your perfect garden.
47. Save for your dream wedding
Getting married at some point? Or would like to? Place your tax refund in a savings account for your dream wedding. You never know, it might pay for the band you want, the perfect dress or the very in-demand caterer you've been hoping to book.
48. Buy a piece of art
This is a good investment and a simple way to add something unique to your living space. Support a local artist and buy a painting or sculpture that really stands out.
49. Catch up on utilities
You might have some outstanding utility bills that you could pay off. While it's not very exciting it can be a weight off your shoulders.
50. Go to a festival
There are tonnes of festivals worldwide for everyone from wine lovers to gamers. Fancy strolling through New Orleans jazz festival or raving at the iconic Burning Man? Using your tax refund to attend a festival is a great way to create a memorable experience.
So, that's it, 50 different ways to spend your tax refund. If you've received a refund, it's a good idea to split the money and use some of it for something sensible and the rest to have some fun.
Just keep in mind that even if you want to splash out on something big, make sure you can afford it. A $700 refund is not an excuse to spend $2500 on a holiday.
Are you due a tax refund? Contact us today and you could be on your way to doing any of the things from this list!
What would you do with your tax refund? Let us know in the comments.