Tax Season is Here: 6 Things to Buy With Your Tax Refund
It’s tax season. And while the idea of tallying your income and expenses from the last year might give you a big headache, there’s a bright side to this annual chore—you might end up with a substantial refund from Uncle Sam.
Rather than frittering away the money slowly over a few months, it makes sense to plan for a big purchase when your refund arrives—something that you’ve had on your to-buy list but you haven’t decided to take the plunge on yet. Now’s the time to start planning for your purchase to get the most out of your tax refund, so here are a few big-ticket items you might want to add to your list.
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If your kitchen appliances are mismatched or nearing the end of their lifespan, you might want to consider spending your refund on new ones. New appliances will give you peace of mind that your oven won’t stop working on Thanksgiving and your refrigerator won’t go belly up after you’ve loaded it up with food.
And if it’s a new washer and dryer you’re after, you’ll likely find new models are faster, quieter and do a better job of cleaning and drying your clothes. Virtually all new appliances are high efficiency, which means that they don’t use more energy than they need—a feature that will save you money on your electric bill going forward.
If you’re in the market for new appliances, do your research first so you know what to look for when your tax refund arrives.
2. New Furniture
Whether the couch in your family room really isn’t as comfortable as it used to be or your dining room table is showing its age, you might consider spending your tax refund on new furniture.
A new sofa or chair for your living room can provide the comfort you need in a space where you spend a lot of quality time, while a new dining room table can help you entertain more guests. If you’re looking for more storage in family spaces, you could also design a custom media center or wall unit to personalize your living space, provide plenty of storage and a place for your TV.
Before you head out to furniture stores to begin looking, check out furniture buying guides so you can make an informed decision and get the most out of your tax refund.
3. A Walk-in Closet
No matter the size or shape of your closet, there’s a great chance you’re not using the space as efficiently as you could. You might be running out of room, with shoes piling up, and no good storage solution for scarves, belts or bags. It might be time to think about a custom walk-in closet.
Custom walk-in closets are an awesome upgrade to any home because they provide specific storage solutions for all of your stuff—clothing, shoes, jewelry, accessories and anything else you’d like to store in the space. And a custom solution means that a design consultant will carefully assess the space and develop a plan to store everything you need. In addition, a custom walk-in closet can also transform your walk-in closet into a personal boutique, with features like a center island for storage, dramatic lighting and your own personal dressing area.
A custom walk-in closet is the perfect investment to make to stay organized and create a more peaceful morning routine.
4. Laptop or Tablet Computer
If upgrading your technology is on your to-do list, tax time might be the right time to make the change. The latest laptops can carry hefty price tags, but they can also boost your productivity and help you stay connected to friends and family.
There are so many types of laptops and tablets to choose from, from traditional laptops to straight tablets and hybrids that combine the cool features of both. Check out this guide to help you figure out what you need based on your typical activities. Then, when your tax return arrives, you’ll be ready to welcome a new, more powerful machine—and maybe some fun accessories, too.
They say adventure is worthwhile, and we couldn’t agree more. After your hard work throughout the year, you’re likely ready to take a break from the daily grind of work and responsibility. Well, your tax refund can help you and your family do this.
Whether you’d like to explore another part of the state or the other side of the world, you can use your refund to make relaxing on a white sand beach or navigating through a new city a reality. Just do your research to determine the best times to travel to your desired destination and other smart travel-planning tips.
6. Craft or Hobby Room
If you’ve got a hobby that helps you relax and explore your creative side, your tax refund is a great way to buy more supplies or even design a custom craft or hobby room so you’ve got an inspiring space that helps you create.
A custom craft room is a great space that fosters creativity, inspires design and keeps every craft material organized. Take the spare bedroom or a nook in your office and transform it into a space where you can paint, knit or scrapbook. Your crafting oasis can incorporate the right mix of storage—whether it’s open cubbies, drawers or shelves, plus room for inspiration and the perfect workstation.
If you’re looking forward to getting a big tax refund this year, you can get the most out of this extra money by planning for a big purchase like these. You can check something large off your to-buy list instead of putting it off for several more months. It’s okay to have a little fun with the money this year—you deserve it.