February 25, 2014

Tips to Stretch your Tax Return!

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Are you expecting a tax return check this year? It can be very tempting to splurge and spend everything on one thing or many things. Here are a few tips to help you spend and save wisely.

REWARD YOURSELF (It is your hard earned money)

1. Treat yourself: Whether it's getting a mani/pedi you've been wanting for a while, a box of cookies you wouldn't buy on a normal day (Yes I did this ☺), or a nice date night with your spouse. DO IT!

2. Purchase something you've wanted/needed for your home. Which can also end up being a money saver down the road. (We just purchased a storm door with a retractable screen so during the Spring we can cut the air off and allow fresh air in.)

3. Designate a decent percentage: 10% is a good amount of your return to use for yourself to buy something new or a nice treat.

DEBT ELIMINATING / SAVINGS FOR THE FUTURE

1. College Fund: Put aside a little for your child's college fund.

2. Rainy Day: We all know things can come up at anytime. It is always good to have a nice cushion for a rainy day.

3. High Interest Rates: If you have enough, pay off your card(s) with the highest interest rate.

4. No Interest But High Monthly Payment: It is smart to pay off the small cards first and then use that monthly payment to pay the next card off. However, if you have the cash now to pay off a card with a high monthly minimum then pay it off and use the money to start with the small card. Example: I have a card with no interest for another year but the minimum is $120. My smallest card is only $350 with a $25 minimum. So I paid the no interest card off in just a little over two months with the no interest card money I had in my budget and then was able to add an additional $25 a month to go towards the next card.

SAVINGS FOR THE YEAR:

1. Prepay Insurance: Many insurance companies offer a discount if paid in full.

2. Prepay child care: Many mdo, pdo and daycare programs will allow you to pay a few months ahead. This will help a big time if something happens a few months from now and you don't have that extra money for child care.

3. Pay subscriptions in full. If you have a monthly subscription, see if the company will allow you to pay in full. Example: Amazon Prime is a great way to save on shipping throughout the year and watch movies and tv shows for only $79 a year and only $39.50 for college students.

4. Pay an extra month of your mortgage.

5. Pay your car tags.

FRUGAL SPENDING TIPS:

1. Rebate Sites. Purchase your item(s) online through Shop At Home, Ebates or Mr.Rebates who offer a percentage back on your purchase. Then choose Free Store Pick Up (If available) or see if there are Free shipping offers.

2. Coupons: e-coupons, Printable Coupons & mobile coupon savings apps.

3. Purchase gift cards where rewards are given. This is a great way to save if you are already planning on spending money at retail stores or restaurants throughout the year. Kroger is currently offering 4x the fuel points when you purchase restaurant gift cards. You can also make these savings go further when you use coupons and the store or restaurant.

4. Tax Return Direct Deposit Discounts/Rewards. Kroger is currently offering an additional $10 when you direct deposit your tax return onto a Kroger prepaid VISA debit card with 1-2-3 Rewards!

5. Start a stockpile: Collect necessities or things you would be able to use if something comes up within the year. Checkout this post on building your stockpile.

Want to keep up with ways to save money? Follow along with all of the Coupons, Freebies and Deals by following along on Facebook!
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