Pay Down Debt – 15% credit card interest rate? 8% student loan interest rate? Over time, even small balances can become burdensome with interest rates so high. Take your refund and pay down debt, starting with the highest interest rate first.
Build a Rainy Day Fund – Living paycheck to paycheck is no fun. Open a savings account and designate it your rainy day fund to be used for emergencies only. It goes without saying…spending your rainy day fund on new shoes is frowned upon
Invest in Your Future – Save to a retirement account. Whether it be a 401(k) through your employer or an IRA account, not only will your future retired self thank you, but you’ll most likely get a tax deduction on any funds contributed for that year.
Invest in Yourself – Been thinking of taking an online course to further your job skills or maybe you’ve been eyeing that pottery workshop at the local art studio? Learning new skills not only keeps your brain challenged but could aid your career and improve your quality of life. And plus, its fun to learn new things.
Plan a Trip – I am a strong believer that experiencing new places for the first time encourages growth and overall happiness. Monitor flight prices on kayak.com and be flexible. It’s amazing what a little flexibility and Airbnb research can accomplish on a budget.
Photo Credit: Moxy Lolly Roller Skates