The financial year ended a couple if weeks ago here in Australia which means many people have either lodged their tax or are preparing to. If you are getting or expecting a refund, have you given any thought as to how to make that money work best for you?
It is very easy to spend lump sums on things you want, especially when it can be seen as 'free money', but if you can think about it and put it to good use, then it will work for you for much longer.
I realise for many, the tax return is spent on necessities before it even gets to your bank account. What if you decided to put aside $100 or even $200 of the tax money to use to make more money. Most of your return would go to your bills and things, but you would also be setting up your future.
Shares and property are not the only way to invest and while it might seem crazy starting your own business with the worldwide economy all over the place, there are ways to invest your money and make more money right now.
I’ve been reading The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future. There are so many opportunities out there, it is just a matter of deciding what you want to do, creating a plan and doing it.
I have written various posts on ways to make money, so why not pick a way or 2 you want to start making more money and if it requires some money to start it (most of my idea’s don’t), or you need some money to market it better, do it with this tax return.
So what will you do with your tax return (if you get one)?