The Sacred Bombshell knows that she is worthy of living an abundant life. She acknowledges that we live on a bountiful, prosperous, and affluent planet. Giving and receiving her riches makes her a part of earth’s flow where there is no such thing as scarcity. She respects the power of manifesting her own abundance. This is sacred self-love. -Sacred Bombshell Handbook
Hey Sacred Bombshell,
I devoted an entire chapter in “The Sacred Bombshell Handbook of Self-Love” to sacred abundance because it is such a challenging topic for many of us.
So when the IRS volunteered to share tips on how to use your tax refund with you here on this empowerment and well-being blog, I thought, yes! We need this.
Functional or Just Plain Fun: How Do You Use Your Tax Refund?
Every year, millions of Americans file their taxes in hopes of getting a refund.
The average tax refund is more than $3,000 and can be a fairly significant amount of money, especially following a busy (and expensive) holiday season!
There are a ton of things you could do with that money, but these are a few of the most common ways to distribute those funds:
-Pay down debt
-Pay for things not originally included in a monthly or annual budget
-Invested into a savings or retirement account
Let’s break it down…
1. Pay down your debt.
For many recent college graduates, the two words that come to mind almost immediately (and strike fear into the hearts of most millennials) are “student loans.” For many of us, it may have been the only way to go to college and receive a degree. The thought of being mired in debt for decades adds a lot of stress to an already difficult situation for some grads, but there is light at the end of the tunnel. The joy of putting a bit of your tax refund into paying down debt might not be nearly as great as booking that trip to Cabo, but it’ll be a huge relief once you’re done paying off those loans!
2. Pay for things not originally included in your budget.
We’re all familiar with the concept of paying bills on time every month or making sure the rent check is handed in on the first, but we can’t forget larger purchases and investments either. Whether it’s buying new tires or brakes for your vehicle or replacing the roof on your two-story home, those high-cost investments do have some payoffs. Even taking a vacation to Miami can be seen as a worthwhile investment (everyone needs a break from the work and home life for a little bit), though you should make sure to put money toward more pressing needs first.
3. Put it into your savings.
It is recommended by some experts that a portion of each year’s tax refund go into a savings or retirement account. You never know what could happen in life, and having a cushion may come in handy. For example, if you lose your job or need to care for a sick family member you will have some supplemental money that you’ve already socked away on top of whatever assistance you may receive. Expect the unexpected and always plan ahead because your whole life could change in a second!
There are certainly other ways to invest your tax refund, but these three options are usually the most adhered to. There is no right or wrong way to spend your return and every situation is different, so don’t feel that you have to stick to a certain formula in order to put your money to work.
What did you do with your tax refund this year? Did you have similar plans for your return?
The US Tax Center is a company whose main goals are to serve as an educational hub for anyone with tax questions and provide e-filing services. To learn more, check out irs.com.
Written by Laura Goldstein & Team
US Tax Center | IRS.com
The Abundance Declaration from “The Sacred Bombshell Handbook of Self-Love”
Today, I claim my fortune. Prosperity and abundance are my inheritance. I am wealthy beyond measure. Add up the parts and systems that make up my precious body. Are they not priceless? Who can place a value on the sun and stars that I enjoy freely?
Previously, I was a prisoner of limiting beliefs and lies of lack. Today I am freed from those falsehoods. I know that I have more than I ever thought possible. The Universe is always generous and loving with me. In return, I am generous and loving even when I am afraid. Before today, I accepted the illusion of lack to fit in. Now I claim the truth of my wealth and others will see what is possible for them.
Every day is a thanksgiving and I am drunk with blessings because I am worthy. Prosperity and abundance are my inheritance. I deny all illusions of lack, for today I am full and complete. I am valuable beyond measure, rich with love, joy, faith, and hope. My
coffers runneth over with these true jewels. Richly nourished, full, and humble, I am heiress to a world of wealth and today I claim my fortune. I give and I receive. This is karmic law. I am safe in the prosperity of love.
I am not happy because I am wealthy. Rather, I am wealthy because I am happy. I deserve happiness. I deserve wealth. I deserve love. I am worthy of all that my Creator has made for me and I now feel no guilt, shame, or embarrassment for these riches. The Universe is generous with me and I am generous with her children.
I am wealthy beyond measure and more generous than I ever thought possible. For this I am so grateful. And so it is.
(c) Abiola Abrams, 2014, All Rights Reserved