How to Spend Your Tax Refund Check Wisely

The Bush administration is encouraging us to spend our tax refunds and special tax rebate checks to help boost the economy.  But with the economy on shaky ground and the cost for food and gas continuing to rise, your instincts may tell you to pay off debt and sock the money away to handle any surprises that may come. 

Have you considered that there are ways to spend your tax money wisely that will help support the economy and keep money in your pocketbook?  Instead of buying that new flat screen TV or Wii system, why not invest your windfall in something that will continue to pay off in the months and years to come?  Here are some small investments you can make now that will help you save money and stretch your monthly budget in a tight economy. 

Twelve Ways to Invest Your Tax Refund/Rebate

• Tune up your car.  With gas prices projected to surpass the $4.00/gallon mark this summer, get your car running its best to get the optimum miles per gallon and save when you fill up at the pump.

• Install a programmable thermostat.  They do a better job of regulating the temperature in your home, and they’ll help you save on your utility bills.  Set the programmable thermostat to keep the air at a comfortable temperature when you’re home, higher while you’re at work, and to cool off again before you come home.   

• Convert your light bulbs to compact fluorescent bulbs and save energy.  Compact fluorescents use four times less energy, and last eight times longer (8,000h instead of 1,000h) than incandescent light bulbs.

• Stock up at the local food warehouse on the household and pantry staples you use on a regular basis.

• Swap out an old appliance for a new Energy Star rated appliance.   They use two to 10 times less electricity, depending on the appliance, to do the same job.

• Replace an older toilet with a high-efficiency model that uses 1.3 gallons of water or less.  A high-efficiency toilet (HET) uses 20% less water than a standard toilet, so you’ll use significantly less water.  And many cities or water providers offer rebates if you make the switch.

• Install a water-saving shower head.  Showers can account for as much as 20% of your family’s total indoor water usage.  Replacing a standard shower head with one that uses only 2.5 gallons per minute will save a family of four about 15,000 -20,000 gallons of water over the course of a year.  That means less money on energy costs too since your hot water heater won’t be heating that extra water!

• Tap the power of the sun and go solar.  Buy solar-powered outdoor lights for your landscape and eliminate future operating costs.

• Bring in natural light.  Install a tubular skylight or two to take advantage of natural light in a closet, hallway or bath.

• Make an extra payment toward your mortgage principal.  Sending an extra payment each year can cut 10 years off the life of the loan and save you thousands of dollars in interest.

• Invest in an under-counter water filtration system and some reusable water bottles.  Stop buying bottled water.  It’s a WIN-WIN…good for your pocketbook and the environment.

• Buy your own cappuccino/espresso maker.  If you stop for a Starbucks every morning, investing in your own high-end machine will pay you back within the year.

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