How To 14 Frugal Uses for Your Income Tax Return Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint.com Published Feb 28, 2012 4 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. I got a big income tax refund last year. Well, I would have, if I hadn’t applied it toward the quarterly taxes I pay as a freelancer. What are you going to do with your refund, if any? My MSN Money colleague, Liz Pulliam Weston, suggests spending 10 percent of any windfall on something non-essential. But don’t let the rest of the money trickle away. I’m not going to address the idea that tax refunds are of the devil, i.e., that you gave the government an interest-free loan all year. It’s not optimal, I agree. But for some people – like those who don’t yet have the discipline to save – a tax refund makes sense. (In my case it doesn’t. It just means I overpaid. Working on that.) Instead, I’m going to address some useful ways to spend the money: Financial fixes Pay down your credit card balance. After you’ve given yourself that 10 percent treat, throw whatever is left at your consumer debt. If it’s a large balance, you may not feel that you’re making much difference but you are. Seed money for your emergency fund. Again, even a smallish refund is a start. Once you’ve got an account seeded, you’d be surprised how exciting it can be to add to it, even if (especially if) you are living paycheck to paycheck. Build your own personal food bank. Fill your larder with dry beans, tuna, canned tomatoes, pasta, sugar, flour, oatmeal, and the like. A well-stocked pantry means less temptation to order in – and if there’s a financial crisis such as illness or layoff, you’ll have plenty to eat. You earn extra frugal points if you buy some of this stuff on sale with coupons. Retirement savings. Don’t have a plan where you work? Let your tax refund be the beginnings of a more secure old age. Research this on your own or meet with a professional. Just do it. This year. Please. Toward a healthier you Visit the dentist. Start watching now for new-patient specials, which usually include X-rays, or even for social commerce deals through Groupon, et al. I’ve seen deals for X-rays, an exam, a cleaning, and a teeth-whitening kit for $29. And no, that’s not a typo. Visit the optometrist. How old are those glasses, anyway? Look for deals through social media (see above) or in the Sunday coupon inserts for discount vision centers. See a doctor. When was your last physical? It may have been quite some time ago, if you don’t have health insurance. Look for a community or public health clinic, where you’ll pay based on your income – and with a tax refund, you’ll be able to pay cash. Remember, there are “silent” ailments that can do major damage. Get yourself checked out. A year’s worth of savings Prepay your car insurance. See if there’s a discount for paying 12 months at a time rather than twice a year or, heaven forbid, monthly. Warehouse club membership. A dedicated couponer can beat Costco’s or Sam’s prices on many staples. If you’re not a clipper, a warehouse club might be the place for you. Better to buy a crate of toilet paper at a fixed price than to pay more if TP isn’t on sale the week you run out. At the basic level, memberships don’t usually cost very much. Transit pass. If I commuted by bus in Seattle I’d pay $2.25 to $2.50 each way, or $22.50 to $35 a week. A monthly pass costs $81 to $90, and I’d get to use it evenings and weekends, too. See if you can get a monthly pass where you live. Frugal hacks Buy discounted gift cards. Do you purchase cat litter at PetSmart or Petco? Get your hair cut at Regis? Outfit your kids via Kohls clearances? Stretch your dollars even further by paying with gift cards obtained on the secondary market. You’ll see discounts of anywhere from 5 to 20 percent (or more) on a ton of everyday items as well as treats like movie theaters and restaurants. Home improvement. Not granite countertops or new cabinetry, but something that will impact the bottom line. Examples: New windows to replace some of the heat-leaking old ones, an energy-efficient fridge, the down payment on a new furnace or whole-house fan system. Cheaper fixes: A low-flow showerhead, faucet aerators, compact fluorescent bulbs, or weatherstripping. You earn extra frugal points if you invest in a home-improvement item that generates a tax credit for next year. Supermarket gift cards. At least one chain was willing to tack on an additional 10 percent when I bought a $300 gift card. Does your store do this? Having the card with you will let you take advantage of manager’s specials or bonanzas in the dented-can bin. Pamper your wheels. If you change your own oil, get a case of your car’s preferred brand (look for loss leaders at auto centers) and the filters to match. Stash replacement wiper blades, some windshield fluid, and any other odds and ends you might need this year. Check your tires – if they’re looking worn, start watching for sales. (The best price might be at the warehouse club you just joined.) “14 Frugal Uses for Your Income Tax Return” was provided by MoneyTalksNews.com. Previous Post How to Start Freelancing Full-Time Next Post The Best Spring Produce for a Frugal Food Budget Written by Mint.com More from Mint.com Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do … Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on… Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance