5 smart ways for moms to invest their tax refund check
It’s that time of the year when the checks are coming and we often wonder what is the best way to invest the money now in 2021.
I’ll share with you 5 smart ways I found that are a great investment for future and your family.
I don’t know about you, but my goal is always to have my money make money and also to create freedom in my life.
So here we go:
- Pay off high interest debt- credit cards. We tend to put this off every year, but if we don’t make a plan to pay them off, we will always live in these chains of debt and pay way too much in interests. How many times you said you will pay your credit card off as soon as… but that day never comes. I’m not saying to pay off all your balance at once, I have a plan that is easy to follow. Start with your lowest balance card and start paying it off until its done and then move on to the next biggest one. A great exercise here is to actually print your bank statements and highlight some expenses and spending that are not necessary. You’d be surprised what you’d find there.
- Fund your kids college fund. It’s great time to start saving. Plans like 529 lets you contribute to your child’s college. Even if you start with $50 monthly it is going to grow by the time your child is 18. I’ve started this with my kids when they were very young.
- Build your “FREEDOM” fund. Some may call this “emergency”, but I don’t like calling it that way. It doesn’t have to be a bad thing necessary, but you’d be more secure and feel safe if you have 6 months of living expenses in your “FREEDOM“ fund. My husband had a health challenge and couldn’t work for 6 months, but luckily we had this in place then and were able to survive and take care of him during that time.
- Invest into your retirement. Whether is your 401k or IRA it’s a good idea to start putting money away for your retirement as early as possible so when the time comes to retire, you won’t only depend on the social security. Usually when we have this set up automatically from your paycheck and you won’t even feel it missing.
- Invest in a side business. There are so many benefits to having a side business and one of them is tax breaks. Did you know you can write off and save thousands in your taxes even if you are not profitable? But also think about it, imagine if it actually takes off and you create a full time residual income from it? I’m glad I invested in mine 4 and a half years ago and I’m now able to work from home, make a full time income, create a freedom and be able to have my children at home with me too.
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