It’s that time of the year again, when you’ll be calling H&R Block, buying Turbo Tax or pleading with your accountant friends to do your taxes. What is the one silver lining to this scenario, you ask?
The possible tax refund you’ll be getting from Uncle Sam. One important factoid to remember before you start making it rain anywhere you please, is that it’s not free money from the “man,” it’s actually your money that you should have had in your pocket all along.
Before you start screaming YOLO when you get that check in your hand, devise a plan that allows you to enjoy it the way a 20-something-year-old should, while improving your bottom line, or just your life in general.
Yes, I get the meaning of YOLO, but let’s not forget that if we get to see the morning light, we also have to see the dent that 6 rounds of Vegas Bombs and 18 beers caused our bank account.
If YOLOing is your main priority at the moment, then save about 10% of your refund for that purpose. Money isn’t fun if you can’t spend it on the things that you actually want. Remember though, 10%, not 100%.
Spend it at the bar, buy that new pair of shoes you’ve been eyeing, or the iPad Mini you’ve always wanted. This 10% should be used on whatever your heart desires or whatever you feel will successfully personify your desire to YOLO.
Once you and the shame of last night have parted ways, take a look in the mirror and realize where you are in life. Pay off debts that accumulated through the years of vague memories and awesome stories.
Whether it’s getting your credit score back on track (we’ve all left a 50% tip at the bar because our math was off due to the Jaeger Bombs we downed) or if your student loans are something that you would like to pay off in your lifetime, use the refund to relinquish some of these stresses.
The Jack and Ginger will taste much better when consumed over the satisfaction of a life victory, not the feeling of despair that creeps up when you realize that you’ll never be able to take out a loan due to bad credit.
After handling immediate gratification and the collection agencies, start saving towards your future. Yeah, that thing that showed up in your face before you could even remember your last meal. Put your cash into a savings account so your life can possibly be in order down the road.
Knowing you have a little money stored away in your savings account helps the drinks go down smoother and the separation anxiety from your money slowly diminish. The future can crash into you pretty abruptly, so why not prepare by throwing a few cushions out there to soften the blow called life.
Samantha Surface | Elite.