So you’ve labored over your tax return and good news: A refund is coming your way. While your brain might already be mulling over the many things you can buy with it, we’ve got a few ideas for you. First on our lists? A bucket-list trip or a trendy new gym membership that’ll keep you motivated and inspired throughout the year. Of course, you can’t go wrong with an upgrade on that old college mattress or luggage you’ve been holding onto for way too long. Either way you play it, investing in something you’ll enjoy for the months to come is what it’s all about. Keep scrolling down to see all our fun suggestions.
1. A Trip: You’ve been dreaming of backpacking through Europe, relaxing on a faraway beach, or filling your feed with Instagram-worthygetaways. So now’s the time to put that extra dough toward a flight, hotel, or both. Consider it an investment in new cultures and experiences that goes above and beyond anything you could buy in stores.
2. A More Reliable Phone Service: If you’re tired of dealing with dropped calls and spotty service, now’s the time to upgrade your digital life. By switching to Boost Mobile‘s super fast and reliable nationwide network, you’ll never have to think twice about streaming your favorite TV shows or sending your BFF live updates of that awkward online date. Their prepaid, unlimited text and data wireless plans are such a good bang for your buck that you’ll even have enough left over to splurge on a new phone.
3. A Comfy Mattress: Say buh-bye to that lumpy college mattress you’ve been getting by with for far too long. After all, a quality mattress is a great way to commit to your health and wellness. Whether you’re looking for a convenient mattress-in-a-box or a highly reviewed mattress from Amazon, your back (and bank account) will thank us for this one.
4. Cooking Lessons: Gift yourself a skill that will impress family, friends, and heck, even yourself! By signing up for cooking lessons at your local culinary school, you’ll be learning new things that’ll take you far beyond your comfort zone — and into the kitchen. You simply can’t put a price tag on that!
5. A Nice Blender: If you’ve been eyeing a nice Ninja NJ600 Blender ($90) to make all of your favorite shakes and smoothies, consider this your cue to click “purchase.” You can even opt to ball out with a Vitamix 7500 Machine ($530) because, with extra cash, you can!
6. Athletic Shoes: Whether you’re a marathon runner, or just hoping to up your gym time, a fancy new pair of athletic shoes will be your first step towards fitness success. Since these typically don’t run on the cheap, consider splurging on a pair with your tax refund. Our faves? The adidas Ultraboost Shoes ($180) or a fresh pair of Nike LunarGlide 9 Running Shoes ($120).
7. Meal Delivery Kit: Maybe you’ve dreamed of upping your dinner game for the months to come. If so, a meal delivery kit like HelloFresh ($10+ per meal) can get you there with little to no maintenance on your end. Their delicious, pre-made meals are fun to pick out, and even more fun to make. Plus, who doesn’t love skipping the grocery store and having a gourmet meal option delivered straight to their door?
8. Luggage: When it comes to travel, there’s nothing that makes a trip go smoother than a solid set of luggage. When it comes to purchasing the right set, you usually pay for what you get. Now, you can put your extra cash toward a high-end option, like the sleek Away The Bigger Carry-On ($245) that’s complete with high-tech features like a USB charging port and an unbreakable structure.
9. Concert Tickets: Have a band you can’t stop listening to or a festival you can’t wait to attend? Spend those extra bucks on a JT show or Coachella experience you won’t be able to forget. Or get a front row seat at an intimate Airbnb concert. And since you’re *technically* saving on the tickets, you can budget for a brand new concert outfit too.
10. Gym Membership: Here’s your chance to upgrade to an Equinox gym or splurge on some SoulCycle classes. No matter your workout of choice, you’ll have the added funds to make a high-end sweat sesh happen that you can enjoy — guilt-free!
What will you be spending your tax refund on? Let us know @BritandCo!
Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.
(Photos via Getty)
Sarah Schuh
Home Decor. Entertaining. Travel. Lifestyle.'Grammer, dreamer, trip planner. Forever coming up with my next creative endeavor. Until then, I'm documenting everything I like on paper, er, the digital world.
FAQs
It can be tempting to treat a tax refund as found money, but instead, you should use it to better your finances. Boost your savings, pay off debt, and invest for your future. Also consider using your refund to further your education, upgrade essential items in your life, or make home and car repairs.
How to spend your tax refund wisely? ›
Strategies for using your tax refund wisely
- Plan ahead before spending. Without a plan, you may spend impulsively. ...
- Pay off bills. ...
- Save for needs in the coming year. ...
- Save for short- and long-term financial goals. ...
- Save for long-term financial security.
Here are four simple ways to get a bigger tax refund according to the experts we spoke to.
- Contribute more to your retirement and health savings accounts.
- Choose the right deduction and filing strategy.
- Donate to charity.
- Be organized and thorough.
Requirements to receive up to $7,000 for the Earned Income Tax Credit refund (EITC)
- Have worked and earned income under $63,398.
- Have investment income below $11,000 in the tax year 2023.
- Have a valid Social Security number by the due date of your 2023 return (including extensions)
It can be tempting to treat a tax refund as found money, but instead, you should use it to better your finances. Boost your savings, pay off debt, and invest for your future. Also consider using your refund to further your education, upgrade essential items in your life, or make home and car repairs.
What not to do with a tax refund? ›
7 Ways to Spend Your Tax Refund That You Should Avoid
- Unneeded Material Things.
- Casinos.
- Don't Put It in Your Checking Account.
- Don't Use It on a Car You Can't Afford.
- Refund Advance Loans.
- Paying Off Credit Cards You'll Max Out Again.
- Excessively Expensive Vacations.
- Tips for Using Your Refund Wisely.
IRS refund over $10,000: who is eligible and how to apply
Individuals who are eligible for the Earned Income Tax Credit (EITC) and the California Earned Income Tax Credit (CalEITC) may be able to receive a refund of more than $10,000.
What deduction can I claim without receipts? ›
What does the IRS allow you to deduct (or “write off”) without receipts?
- Self-employment taxes. ...
- Home office expenses. ...
- Self-employed health insurance premiums. ...
- Self-employed retirement plan contributions. ...
- Vehicle expenses. ...
- Cell phone expenses.
By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2.
Is it possible to get a 5k tax refund? ›
Some people in California who have been left out will finally be getting their inflation relief payments this month. The Franchise Tax Board confirmed that 5,000 payments will be issued by the end of September for those who were never issued a payment.
The California Constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st.
How are people getting $10,000 tax returns? ›
These changes include: More workers and working families who also have investment income can get the credit. Starting in tax year 2021, the amount of investment income they can receive and still be eligible for the EITC increases to $10,000. After 2021, the $10,000 limit is indexed for inflation.
What is the biggest tax refund ever? ›
Ramon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. He also allegedly claimed that he earned a total of $18,497 in wages — and that he had withheld $1 million in income taxes, according to a Jan.
What do people buy with tax returns? ›
And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year.
Can you use your refund check on anything? ›
Keep in mind that your refund money is designed for educational use. We strongly recommend only using it for expenses needed to go to class, live on or commute to campus, and so on. If you want money you can spend, consider getting a job on or off campus—making sure it isn't work-study—to earn some ”fun money.”
Can I spend my tax return? ›
A tax refund is often a considerable sum. If you choose to spend it, experts say, make it count. Consider using the money to pay for an important project you've been putting off for cost reasons: Replace your roof or your furnace. Repair your car.
Can I deposit my tax refund on my wisely card? ›
Yes. If you pass a validation process, the primary cardholder can direct deposit income from second jobs, your tax refund, or other government benefits onto your Wisely Pay card. 2 Enter your account and routing numbers into the applicable direct deposit form or hand it to the HR person responsible for your pay.
Can I use my tax refund to pay back taxes? ›
Your tax return may show you're due a refund from the IRS. However, if you owe a federal tax debt from a prior tax year, or a debt to another federal agency, or certain debts under state law, the IRS may keep (offset) some or all your tax refund to pay your debt.
