Finance

5 Ideas for Spending Your Tax Refund

To my fellow startup founders and CEOs, before you spend your tax refund check on getting the new Macbook Pro that has no USB ports, consider some of the other (less exciting but probably wise) ways to spend it: 

1. Pay down debts. There’s freedom in not having debt. Who enjoys collection calls? Take a look at existing credit card debts, vendor accounts, or lines of credit you owe money on. Your tax refund could get the snowball rolling till all of it is paid off.

2. Invest in yourself. What about putting some of your refund it in your retirement fund? Or taking that Lynda.com course you’ve been contemplating? When you do nice things for yourself, you are better equipped to serve your company and clients.

3. Save it. Wouldn’t it be nice to not have to rely on a credit line when things are a bit slow? Have a savings account to dip into in the harder seasons. And grow your money in the process.

4. Invest in others. Remember what it was like when you first started your own business venture? It’s hard to get momentum without emotional and financial help. Pay it forward by sowing seed money into other startups and causes you believe in through crowdfunding platforms. What goes around comes around.

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5. Take a vacation. It does not have to be anything fancy or cost thousands of dollars. But even if you take a weekend away to go hiking or catching up on sleep, just taking some time to rest will allow you to return to your business and office feeling refreshed, energized to make your product and service the best it can be. Entrepreneur, you’re a priority, too. 

What do you plan on doing with your tax refund? Leave your comments below. 🙂

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