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SPEND V SAVE

Spend v Invest: Tips on how to make the most of your tax refund.

With an estimated 85% of Australian Tax Payers expected to receive a return this year, we’ve compiled a list of handy (ok, we mean, sensible!) ideas on how to use your return wisely.

It’s not rocket science, but it’s always handy to be reminded:

1. Pay down your debt. With interest rates on the rise, paying down debt on credit cards and personal loans is now more important than ever.
2. Put your refund into your home loan offset account (if you have one) and reduce the interest payable. It’s kind of like a savings account.
3. Find a savings account with a generous interest rate so you can watch your return grow!
4. Contact your Superannuation Fund and discuss making a super contribution top up.

Although it’s always temping to hit the shops when your refund lands in your account, it’s wise to take a step back and think about what’s best for your personal situation.