How To Correctly Spend Your Tax Return | The Odyssey Online
Start writing a post
Health and Wellness

How To Correctly Spend Your Tax Return

It's tax season, hopefully Uncle Sam will give you a nice full bag of money.

24
How To Correctly Spend Your Tax Return
Google

It's tax return time, which is everyone's favorite time of year. But what you do with your money, and what you should do with your money, isn't always the same thing. As college students it's really difficult to spend your money on the right things. As soon as we get our money back all we want to do, is have a good night out of the town, but that's probably not what we should do.

I'm going to give you a break down on how someone should spend their tax return, and base the examples off a $1,000 return.

30% ($300)

This should go straight into your savings account, no matter if it's saving up for an emergency or trip to another country. Before you spend any money, you need to put some into your savings.

25% ($250)

Start paying off some of your debts. Student loans, credit card debt, car payments, whatever it may be, just pay a lump payment so it's less money you later have to worry about.

20% ($200)

Things you need to live, such as food or gas. New car tires, or new anything you can not live without. Shoes, clothes, the newest IPhone doesn't count.

10% ($100)

This is something you may want, like the newest pair of Nike or the coolest new TV. This money you can do whatever you want with, go get our hair colored or our nails done, treat yourself.

10% ($100)

Get a gift card to somewhere you buy a lot of things from, like Walmart or a gas station. This card could be used for when you just don't have enough money that week to buy gas, or you just really need one more meal before pay day. It will come in handy one day.

5% ($50)

Give back to the community. Find a charity that is locate, or pay for a few people while in line at a fast food restaurant. Good karma, is better than no karma. You also never know how much you may have helped someone else that might have needed it that day.

Sometimes this isn't possible to follow, but do your best. This guide will definalty give you the best chance in spending you tax return correctly. You wouldn't waste money, you would pay back debt, and help someone else. Good luck yo everyone, I know I can't wait to get my return back!



Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
an image of taylor swift standing center stage surrounded by her backup dancers in elegant peacock esque outfits with a backdrop of clouds and a box rising above the stage the image captures the vibrant aesthetics and energy of her performance during the lover era of her eras tour
StableDiffusion

A three-and-a-half-hour runtime. Nine Eras. Eleven outfit changes. Three surprise songs. Zero breaks. One unforgettable evening. In the past century, no other performer has put on an electric performance quite like Taylor Swift, surpassing her fans ‘wildest dreams’. It is the reason supporters keep coming back to her shows each year. Days later, I’m still in awe of the spectacle ‘Miss Americana’ puts on every few days in a new city. And, like one of Taylor’s exes, has me smiling as I reminisce about the memories of the night we spent together.

Keep Reading...Show less
Entertainment

Every Girl Needs To Listen To 'She Used To Be Mine' By Sara Bareilles

These powerful lyrics remind us how much good is inside each of us and that sometimes we are too blinded by our imperfections to see the other side of the coin, to see all of that good.

81469
Every Girl Needs To Listen To 'She Used To Be Mine' By Sara Bareilles

The song was sent to me late in the middle of the night. I was still awake enough to plug in my headphones and listen to it immediately. I always did this when my best friend sent me songs, never wasting a moment. She had sent a message with this one too, telling me it reminded her so much of both of us and what we have each been through in the past couple of months.

Keep Reading...Show less
Zodiac wheel with signs and symbols surrounding a central sun against a starry sky.

What's your sign? It's one of the first questions some of us are asked when approached by someone in a bar, at a party or even when having lunch with some of our friends. Astrology, for centuries, has been one of the largest phenomenons out there. There's a reason why many magazines and newspapers have a horoscope page, and there's also a reason why almost every bookstore or library has a section dedicated completely to astrology. Many of us could just be curious about why some of us act differently than others and whom we will get along with best, and others may just want to see if their sign does, in fact, match their personality.

Keep Reading...Show less
Entertainment

20 Song Lyrics To Put A Spring Into Your Instagram Captions

"On an island in the sun, We'll be playing and having fun"

9111
Person in front of neon musical instruments; glowing red and white lights.
Photo by Spencer Imbrock on Unsplash

Whenever I post a picture to Instagram, it takes me so long to come up with a caption. I want to be funny, clever, cute and direct all at the same time. It can be frustrating! So I just look for some online. I really like to find a song lyric that goes with my picture, I just feel like it gives the picture a certain vibe.

Here's a list of song lyrics that can go with any picture you want to post!

Keep Reading...Show less
Chalk drawing of scales weighing "good" and "bad" on a blackboard.
WP content

Being a good person does not depend on your religion or status in life, your race or skin color, political views or culture. It depends on how good you treat others.

We are all born to do something great. Whether that be to grow up and become a doctor and save the lives of thousands of people, run a marathon, win the Noble Peace Prize, or be the greatest mother or father for your own future children one day. Regardless, we are all born with a purpose. But in between birth and death lies a path that life paves for us; a path that we must fill with something that gives our lives meaning.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments