Ways to spend your Denver tax refund

June 5, 2019

You’ve likely already received your Denver tax refund check - but what should you do with it? Tax refund checks are exciting, you can either save them or enjoy a quick moment to yourself and spend your tax refund in a way that makes you excited! Here are a few things you can do with your tax refund that are fun, unique, and will create great experiences for you and your family. 

What better way to use your tax refund trip then to travel? Traveling can help bring family and friends together and be a great way to experience new sights, sounds, and cultures. Using your tax refund to jet off to the caribbean, Europe, or even the many amazing places the United States has to offer would be a great use of a tax refund check. It’s a way to travel to a new area you’ve always wanted to go without taking money out of your normal budget.

Try Something New
Have you ever wanted to go parasailing? Or maybe try skydiving? If you have had a desire to do something unique, the tax refund check could be the perfect way to try something new without breaking the bank. If you’d like to stay in town, try searching “things to do in Denver,” and see what is around that you have yet to consider. You might be surprised what is in your own backyard! 

Treat yourself! 
If traveling or unique experiences isn’t for you - do something that is. Perhaps you go shopping with friends or enjoy a spa day. Shopping, whether it be for yourself or for your space can be therapeutic and even uplifting. If you decide to pursue a spa day, reach out to local spas to see what deals they might offer for larger packages or if they have any deals for long term packages. It might be fun to spend your refund on a membership package for the spa or something similar. 

Take Care of Your Space
Have you been meaning to make some home repairs? Tax refund time is the perfect way to take care of some of your most needed home repairs without breaking the bank. If you don’t have any home repairs you’ve been dying to make, but have some upgrades you’d like to do - it would be great to do it with a tax refund. Memorial Day is a great time to make home upgrades and repairs, there are a lot of home improvement sales at your local hardware stores.

Invest in Yourself
This goes hand in hand with treating yourself, but investing in yourself and your wellbeing is one of the most important things you can do. Perhaps you sign up for a new fitness class with your tax refund - might be a great time to do so. By using a tax refund you can pay for a gym membership outright, saving you money in the long run as many gyms offer deals for paying for a year all at once.

Financial Freedom
This one isn’t as fun as the other options, but could help you in terms of buying your long term financial freedom. Do you have any outstanding credit cards that have yet to be paid off? Maybe some additional loans that you can’t help with? Using your tax refund to help pay off additional bills or loans will help you in the long run. If you don’t have any outstanding debts, it might be best to save your money and open a savings account if you don’t have one. If you do - add your refund into that. It’ll be rewarding to see your savings grow so in case of an emergency you will be covered.

This one is a fun way to spend your refund and will give you big returns on investment later in life. Investing your money can be fun, rewarding, and ultimately exciting. If you are unsure of how to invest, reach out to a local investment firm. They can help you prepare a full investment portfolio that can reap benefits for years to come. 

Nothing can be more emotionally rewarding then donating to a good cause. Donating to a good cause can not only be rewarding and help those in need, but can count towards your taxes next year as a tax break. There are many local charities that could use any donation, no matter how large or how small. If you have a cause that is close to your heart, or that you would love to see championed, that would be a great one to donate to!

No matter what you decide to do with your tax refund, the choice is ultimately yours. You can do any of the above, in any combination, and still feel accomplished and good about how you spend your tax refund. If you have questions, always remember that you can reach out to our Advanced Tax Solutions for additional information or to have your tax questions answered. We are here to help you get started on the path to success when it comes to your taxes. If you have any additional questions or requests, even unrelated to tax preparation we are always here to help. 
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