Tax season – you either love it or hate. For those who love it (no doubt, because it’s like a little mid-year bonus!), here’s some help deciding what to do with the extra moola.
Times are tough and things seem to be getting more expensive by the day. So when you get a nice little influx of extra cash, like a tax refund from SARS, you need to decide whether you spend it, save it or share it. If you’re deep in debt or planning something that needs bigger bucks than you’ve currently got in your bank account, you’ll want to think carefully because you splash that cash. Here are some things to think about when deciding what you should do with your tax refund.
Do you have an emergency fund?
Getting a tax refund is a perfect opportunity to stash some funds for a rainy day. A few months down the line, you'll be able to afford that family vacation to the coast or make improvements to your home.
Save your money like skhokho by using GoalSave. Watch your money grow by up to 8%* per year! Open an EveryDay bank account today.
Spend it wisely!
Spend it on a side hustle
Now could be the best time to start that side hustle you've been thinking about. You could start small by picking up a few freelance gigs linked to your day job, or turn your favourite hobby, like making those delicious amagwinya, into a money-making business. Cleva!
And while you’re setting up your side hustle … Open the EveryDay Business account online in less than five minutes. No paperwork and no monthly fees. It’s a great way to get your business banking done.
Spend it to settle debt
So, you have a credit card balance you've been trying to shake off, or maybe it’s your student loan that you've been struggling to pay off? Getting a windfall could be the perfect chance to settle that debt you've been carrying.
Pay yourself with some self-care
When was the last time you did something for yourself? If your debt is under control, you don’t have anything lined up that needs a big amount of cash and your rainy day fund is healthy, then use some of the money to treat yourself, guilt-free! Maybe you need a luxurious spa day or there’s a new restaurant you’ve been drooling over, perhaps it’s time to admit that you deserve a new pair of shoes … You’ve worked hard: you deserve it!
Need to feel really good about yourself?
The best way is to do something good for someone in need. Did you know, kindness is one of the few things that grows when it’s shared? It’s science!
Put a smile on someone else's face. If there isn’t a specific organisation or charity you support, maybe buy a bag of groceries for the old tannie next door? Or think about your favourite nephew or niece who’s just started college – they would appreciate it if you put in a little something in their college fund or helped them out with books for the semester!
Be cleva with your money!
Banking with TymeBank makes managing your money easier. You can open an account in less than five minutes using the Tymebank app – dololo paperwork, dololo stress! You’ll get access to features like SendMoney, MoreTyme and GoalSave.