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7 Smart Ways for Parents to Spend Their Tax Refunds

Most parents wouldn’t classify filing their taxes as a fun activity, but getting a refund is definitely a huge perk. Although it’s often tempting to use that money for frivolous things, there are plenty of practical and worthwhile ways to spend the funds. Keep reading to learn about seven of them.

Invest in Future Education

Education, whether it relates to a short-term program at a beauty school or a long-term quest for a law degree, requires money. Saving for career-related studies now can help avoid headaches later, and perhaps allow your child to avoid the potential financial burden of college loans.

Buy a More Reliable Car

Although your refund might not be large enough to cover the entire cost of an automobile, maybe it can help you begin a lease program. A trusty car can shuttle your kids and their friends to soccer practice, school plays, ballet lessons and more. If your vehicle isn’t dependable, it may be wise to use your tax refund toward a more dependable type of transportation. At the very least, you can look forward to fewer travel-related stresses.

Update Your Home

Whether you purchase some new dining room furniture or decide to revamp the bathroom, a decision to invest in home upgrades is a choice that pays off right away, as well as over time. Many people delay making home improvements because of a perpetual cash shortage. A tax refund helps you avoid that excuse.

Adopt a Pet

When kids grow up with pets, they learn how to be responsible and loving toward another living creature. Many parents agree to let their children adopt pets, but don’t fully realize how much upkeep costs. From food to vet appointments, pet expenses add up. Your tax refund can help with many of them, and help you finally answer your kids’ pet pleas in a satisfying way.

Get a Computer or Tablet

Today’s kids are expected to be extremely tech-savvy by the time they reach middle school. If you don’t have an up-to-date computer or at least a tablet, your kids risk being left behind the curve.

Fortunately, many computer and electronics retailers offer special sales around the time tax refunds are received. That means you can probably get a good deal on a new gadget.

Spend the Refund on Healthcare

Staying healthy can be an expensive goal, but in most cases, it pays off to get regular checkups instead of waiting until serious health problems arise. Consider using your tax refund to pay for health insurance in advance. This will alleviate the burden of the cost throughout the rest of the year.

Put it Toward Early Enrollment to Summer Camp

Many summer camps use the springtime to start promoting their offerings for the upcoming season. Whether your kids already have a favorite camp or you’re looking for something brand new, consider using a tax refund to pay for your kids’ camp enrollment fees. That way, you can avoid budgeting for that expense later. This will help ensure your children won’t be bored when they’re out of school.

When it feels like your tax refund is burning a hole in your pocket, resist the urge to splurge. Opt for meaningful, productive ways to spend your tax refund. You and your kids will be glad you did.

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