When deciding what to do with your tax refund, it can be easy to go out and blow it all. With just a little bit of strategy, you can use this influx of cash to drastically increase your financial position.

1. What to do With
Your Tax Refund
Cody Wheeler - http://academysuccess.com

2. Big chunks of money are dangerous
It sounds a little counter intuitive, but it’s actually very easy
to take a big chunk of money and make your financial
position far worse than it is right now. I’m here with this
training to help you make that position better, wherever you
are on the financial spectrum.

3. Everyone’s situation is different
Depending on where you are on the financial spectrum,
what you do with your tax return money can make a big
impact on your financial future. These are in order from at
which point in your life you should be thinking about them.

4. Pay off chunks of debt
It can often be more effective for your motivation to choose
a small account of your debt that you can pay off in one
large payment. This will give you a quick win, one less bill
to pay, a nice feeling of accomplishment, and motivate you
to pay off future accounts much quicker.

5. Reward yourself with something
small
The psychology behind this is if you get yourself something
small you’ve been wanting, you’ve rewarded yourself with
your refund and satisfied your desire to spend. You’ve
spent it responsibly on something you want, but you’ve left
yourself 80% of it or more to be smart with it, which is what
comes next.

6. Save for a large financial goal
This could be something like a down payment for a house,
a down payment for a vehicle, an emergency fund, or
anything else in the upper four to lower-mid five figure
range.
Dropping the remainder of your tax refund into an account
you’ve set aside for just this specific purpose is a great way
to keep it safe from being spent.

7. Buy things that make you money
Rather than buying thousands of dollars worth of stuff like
cars, jewelry, electronics, get something small to satisfy
your spending need, and consider buying investments that
will pay you back over time.

8. Deposit into a retirement account
You can deposit up to $5,500 of after tax money into an
IRA or Roth IRA each year, and up to $18,000 into a 401k.
One cool unconventional strategy to take advantage of
your tax return to pad your retirement accounts is by
temporarily increasing your 401k contributions from your
paycheck to deposit a couple thousand extra bucks for your
future.

9. Take a much needed vacation
Plan a short vacation and get away from it all for a few
days. A nice vacation can help you come back refreshed
with a new outlook, higher productivity, and a heightened
sense of motivation.

10. Make home improvements
Personally, I’m an advocate of making home improvements
for improving the experience of your home as well as
improving the value, but certain home improvements can
pay off far more than they cost. You may want to consider
focusing on these first.

11. Improve yourself
There’s a famous quote from Abe Lincoln that goes
something like this – “Give me six hours to chop down a
tree and I’ll spend the first four sharpening my axe.”
The point is, the more you can sharpen yourself and your
own skills, the better you are going to do in life.

12. Let’s review
Depending where you are on the financial spectrum, consider the follow tactics while making your
decision for what to do with your tax refund.
● Pay off chunks of debt
● Reward yourself with something small
● Save for a large financial goal
● Buy things that make you money (invest!)
● Deposit into a retirement account

13. Visit Academy Success
Read the full article on Academy Success
http://academysuccess.com/tax-refund