How To Wisely Spend Your Tax Refund As A Millennial
Whether you already filed your taxes, or are waiting until the last minute to figure out where to start, the question of how to spend your quick fortune is top priority. Is it best to put the full refund towards savings or set some aside for fun experiences?
While many of us would rather spend the extra $$$ on Spring Break, Starbucks, and concerts, experts from Earnest, a helpful resource for refinancing, suggest putting that money towards any existing student loan. Refinancing your student loans will help lower monthly payments and avoid those dreaded high-interest rates. And yes, it is okay to spend a little bit of your tax refund to treat yo’ self. A win win!
This year, I stuck to the tax refund spending DO of using a majority of my tax refund towards credit card debt (hey, a girl’s gotta shop right?) and using a small piece towards a recent girls trip to Miami Beach. These fell under the #2 and #4 top ways people spent their tax refunds in 2017; paying down debt and booking a vacation (view the infographic above for the full top 7 ways people spend their refund).
Have your own DO’s and DON’TS towards spending your tax refund? Share them below!