If you’re getting one, there’s a good chance that you’ve received your Federal and State tax refund by now. If that cash is burning a hole in your pocket, we’re here to help with a few fun, alternative and just plain wacky things you can do with your refund.
As you know, we’re big fans of responsible personal finance. If you’re using your refund check to create a rainy day fund, or pay down some debt, that’s great. But there may be a few options that you haven’t considered:
- Save for Retirement – The average retirement savings account balance for a 50-year-old in America is $43,000. That’s not enough to retire at the average age of 62. Consider making an investment in your future by contributing to a 401(k) or IRA. Learn how to get started on your retirement savings.
- Peer-to-Peer Lending & Microlending – With savings account interest rates around 1%, your money isn’t working very hard if you just throw it into the bank. Websites like Kiva, Lending Club and Prosper give investors a better return, while helping others out in the process. Learn more about alternative lending services.
- Donate to Charity – Maybe there’s a good cause that could use your support. If you’re thinking about donating a portion of your tax refund to charity, remember that not all non-profits are created equal. Check out org or Charity Navigator to find organizations that meet high transparency and accountability standards.
You can also buy all sorts of wacky things like remote-controlled sharks, life-size dinosaurs and cows-in-a-can.
Give us a listen and find out all of your options!
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