Are you wondering the best way to invest your tax refund? While it is incredibly tempting to splurge this money, here are 5 ways to make your tax refund go further to improve your financial future.
Pay down your debts
A great use of your tax refund is to make payments towards any outstanding debts or loans you have. Personal loans or credit cards have very high interest rates. Paying off these debts will save you a lot of money in interest in the future.
Boost your superannuation
Think about your future financial security and boost your superannuation fund. Investing more into your superannuation fund, on top of the 9.5% required by any employers, can have many benefits, including more retirement savings and reduced tax.
Invest in yourself
Invest in yourself by using your tax refund to pay for additional education or training. While it is difficult to measure the benefits of investing in yourself, spending money on yourself will have a lasting impact on your career in the years to come. It can help with job stability and increasing your employability.
Add it to your emergency fund
There’s no better feeling than having spare money to cover any unexpected expenses that might crop up. Use your tax refund to top up your emergency fund (or start one if you don’t already have one), so you have enough money to cover a few months of living expenses if something happens.
Get professional financial advice
If you have never had the help of a financial advisor, you can use your tax refund to invest in planning out your financial future. Expert advisors can provide you with the best options for your individual situation to help you achieve your financial goals.
At The Farm Protectors, we care about your future. We specialise in Whole of Life Planning to allocate and manage your finances and capital through budgeting, investments, wealth protection and business structures. Contact us today to organise your finances without having to sacrifice lifestyle or savings.