Filing your taxes can be such a pain, but hopefully a nice tax refund check is waiting for you at the end of it all. For me, it definitely was. I knew exactly how I was going to use my refund check because I know what my goals are. I want to pay my almost $200k in student loans by the time I turn 31, hopefully 30! This made it pretty easy to decide where my checks were going.
Refund Check: Savings
The first thing I did was restock my savings account. I treated myself in March to an AMAZING trip to Punta Cana with my boyfriend, it was definitely needed and totally worth it. We shopped around and spent a lot of time searching for the best trip for our budget and it really paid off. Of course it did still cost money, so I put that money back into my savings. Since I’m lucky enough to still live with my parents, I’m building my savings as much as I can while still sticking to my intense payoff plan.
Refund Check: Student Loans
Obviously, a large majority of my refund check went to my student loans. I am incredibly excited to share that I paid off my first student loan!! After lots of hard work paying my loans down during grad school, and moving back home to pay off more, I paid off $42k in about a year and a half. It definitely has been hard, but I wouldn’t trade my education for anything. It felt absolutely amazing to send in that payoff payment and say goodbye to my first student loan, you wont be missed!
Based on my goals right now, the best thing for me to do was really focus on my student loans with my refund checks. This definitely isn’t for everyone, but you need to know your financial goals in order to figure out what is best for you. How did you use your refund check this year?