The average tax refund stands at around $3,000, according to the Internal Revenue Service. This is enough cash to make a wise investment or go on that dream vacation. Most Americans can have that added bonus in their bank accounts three weeks after filing online. Which means many of us will have extra cash to spend in early spring. Just what will you spend it on?
You made a smart decision in hiring tax services in Northern Colorado to fill out our returns. But don’t make a bad decision by squandering your tax return money on bad choices. Here are a few things not to buy with your tax refund, at least not right away.
Computers, Laptops and Tablets
Computers, laptops and tablets aren’t a smart buy in the springtime. Even if your laptop is a few years old and on its last legs, it makes sense to wait to have it replaced.
The best time to replace your laptop is during the back-to-school sales that happen in August and September or on Black Friday in November. The same holds true for computers and tablets.
You might think a new mattress would be a wise investment and good use of your tax refund, but we are here to tell you it isn’t. If you crave a good night’s sleep, it will have to wait until Memorial Day. That’s right, the best time to buy a mattress is over the Memorial Day weekend, this is when you will get the best prices.
Home Improvement Projects
While home improvement projects are always wise investments, the handymen who will renovate your kitchen or update your bathroom don’t have a whole lot of reasons to offer you great prices in April and May. You see, spring is the time of year when winter-weary homeowners want home projects done, thus creating a spike in demand for the services of handymen everywhere.
A much better time to have hardwood floors installed or bathrooms tiled is when the peak season ends, usually around July and August. Wait until then and you are sure to get a better deal.
New Patio Furniture
The best time to buy shorts and other summer wear is in the dead of winter when stores are desperately trying to get rid of their summer stock. The same hold true with patio or other outdoor furniture. In the spring, you will be paying full price for that wicker chair your want, but in January, the price is slashed as retailers are skittish about being left with unwanted inventory.
You aren’t the only one thinking about heading to a tropical paradise when you get your tax refund. It would make more financial sense to plan your vacation when hotel prices are at their lowest, during the off season. Spend some time on the hotel websites and get a better idea of when you want to take your vacation, a little research could save you a lot of money.