In 2017, the average U.S. tax refund surpassed $3,000. While most people don’t see it as unexpected income, this sum is still large enough to make us wonder: what should we do with it?
Most experts recommend using the money to pay any debts left or adding it to your savings (or emergency) account. Apparently, these options offer you the biggest benefits on the long run. But there’s another way.
Life isn’t all about paying bills and saving money for later. The main purpose of our lives is to just enjoy our time and use money for it, so here’s a new theory on spending your tax refund.
What do you really want to buy? Is it more time? More flexibility? Less stress and work? Let’s have a look at a couple of ways you may invest the money you receive in order to get a better life.
Pay someone to do what stresses you out
“Research around money and happiness [suggests that] investing your money in ways that save you time actually helps increase and improve your overall happiness,” – Sophia Bera, founder of Gen Y Planning
It makes sense, after all. Who wouldn’t want to enjoy a vacation or spend time with their family instead of dealing with paperwork? You could use your tax refund and hire someone to take care of business that stresses you out or that takes too much of your time.
Improve your mental health
If you’re feeling happy and optimistic right now, all you can do is stay on track. Unfortunately, though, many people deal with phobias, anxiety or even depression caused by various reasons.
One in three American adults deals with an anxiety disorder at some point in their lives. – National Institute of Mental Health
Furthermore, the World Health Organization studies found that approximately 4.4% of the world’s population suffers from depression right now.
If there is anything that doesn’t let you enjoy every day of your life, many people feel the same. And you can use financial resources to get help and feel much happier!
Invest in new skills
…or work on the ones you already have. One of the most exciting things in this life is just doing what you love, regardless of what it is. Maybe you’ve always wanted to be a teacher, learn more about astronomy or just travel the world and learn as you go.
If you have the financial opportunity to make yourself happier right now, why not take advantage of it? Of course, making risky decisions all the time may not bring happy endings. When it comes to your tax refund, though, you may as well use it to enjoy and improve your lifestyle!