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Income Tax Refund 2020

Some of us are super excited that it is income tax refund 2020 time. Some of us, not so much. If you are expecting a refund, then I am sure that you are in the former group.

Strategic Shopping is about two things

Strategic shopping is really just about remembering two things.

You need to have a plan.

Know when to shop.

Have a Plan with Your 2020 Income Tax Refund

If you are blessed enough to be expecting an income tax refund this 2020, then please, take time to prepare how you will spend it BEFORE you actually get the money in your hands.

I always encourage my children to make lists of things they would like to spend their money on way before they ever get any money.

You know that feeling you get when you just spent the last of your money and then have all of those things you should have bought suddenly pop into your mind? We tend to forget things once we see the money, and suddenly remember them once the money is long gone!

Preparing ahead of time helps to keep us focused.

Take a few moments to write out all of your bills. Make a list of all of your needs, then and only then, make a list of your wants.

Prioritize

Prioritize these lists. Start by examining your bills. Do you know what you actually owe? Are you caught up on your bills, or have you fallen behind?

Take time to figure out how much it would cost to pay a few of your monthly bills ahead a few months.

If you are getting a substantial amount of money back, then consider paying as many things ahead for 2020 that you can manage.

Instead of making monthly car insurance payments, pay for the next 6 to 12 months.

Maybe you can pay your internet bill off for the year, or get ahead on phone payments. You can even pay your light bill ahead of time.

I have done all of these things. It is super nice to get the light bill in the mail with the balance reading a credit due instead of debt due!

Try and find the best deals on the things listed on your needs list.

It can be very tempting to just rush out and pay full price for things we need simply because we need them.

Take a few minutes to do a Google search for the items on your list.

There are a ton of deals, coupons, and coupon codes out there.

Check all of those sales sites too.

Everyone is selling something today. There’s a high chance someone has a deal on the very thing you are looking for.

Do the same thing with your wants list. Use self-control. Patience can pay off in dividends!

Know When to Shop

Knowing when to shop typically applies to when the price tag is at its lowest point, but it can also mean when the money is available to make those purchases.

When you are expecting an income tax refund or any other large sum of money, it is the perfect time to set the tone for the rest of the year.

Start by getting rid of that poor man’s mentality that says, I deserve this or that. 

If you can’t throw out the thoughts that you deserve something, then at least use the phrase to your advantage.

Think things like, I deserve to be out of debt. I deserve to not be so stressed out about finances this year!

Decide that 2020 is the year that you will not live the feast or famine lifestyle. Let income tax refund be a time of plenty that helps to relieve your typical times of lack.

Stock the Pantry

If you know me at all, then you know that I am a huge advocate of keeping the pantry well-stocked.

Buying extra pantry staples will take a lot of stress off at meal time.

You won’t have to worry about feeding the family when finances aren’t so grand if you take some of this money to make sure the staples are stocked up in the kitchen.

Some things I keep stocked in my pantry

Powdered eggs – These are NOT cheap, but I refuse to go without powdered eggs in my pantry.

Powdered eggs are shelf-stable, which means if I am in the middle of cooking when I realize we are out of eggs, I can just grab some off the pantry shelf.

This saves emergency trips to the store to get eggs, which inevitably ends in spending gas and coming home with a car full of groceries I didn’t plan on buying.

Powdered eggs also give me the ability to make up my own instant pancakes, cakes, muffins, etc.

This saves time and money in the long run, but again powdered eggs are costly up front. That is why I like to use my income tax refund to buy some to keep in my pantry throughout the year.

F.Y.I – These mixes make great Christmas gifts!

Shelf-stable milk – There are a few varieties of shelf-stable milk available for your pantry. One of my favorites is Gossner milk.

Gossner milk is actually liquid, ready to use milk. I purchase mine right at the Dollar Tree. I love to have my pantry stocked with this milk.

It works great for cooking, baking, and more. I have not found any difference in any of my cooking while using it.

I hate to run out of milk, don’t you?!?

My kids and grands alike know they can always grab a bowl of cereal, have some chocolate milk, or whip even whip up a milkshake with the Gossner milk.

Of course, powdered milk is a great standby! I always have powdered milk on hand, especially for making those homemade mixes, and our much loved homemade hot cocoa recipe.

Flour, wheat berries, and oatmeal – I keep a variety of flour and items I can grind into flour on hand at all times.

Leavens, like baking powder, baking soda, and yeast – We are big on baking around here, so we always keep a large variety of leavens in the pantry.

Sweeteners – I keep quite a few different sweeteners on hand, like maple syrup, granulated sugar, confectionery sugar, and molasses.

Sometimes I buy bags of brown sugar, but usually, I just make it fresh.

Fats – If you do any cooking at all, then you will need to keep your pantry stocked with some type of fat. My pantry includes olive oil, grape seed oil, vegetable oil, shortening, butter, ghee, and lard.

Herbs, spices, and flavorings – Always keep the basics on the shelf, like good sea salts, black pepper, red pepper, garlic powder, chili powder, cumin, turmeric, ginger, cloves, vanilla, etc.

Don’t forget to fill up the freezer.

I consider my freezer to be an extension of my pantry.

Whenever I have a little extra money, I like to fill my freezer with meat.

Put things in the freezer that your family uses on a regular basis.

My freezer is still loaded down with all of those turkeys I bought back at Thanksgiving time.

It is hard to pass up meat priced at 39 cents per pound, and turkeys can stay fresh for a good year in the freezer.

I also fill my freezer up with farm fresh beef purchased from local farmers, chicken, bread, and butter.

A New Vehicle

Maybe you have to make a large purchase, like a car this year. Instead of going through the bank and then struggling with payments, consider paying cash for a used car.

I can hear many of you complaining that you don’t want a used car that needs to be repaired.

Even a used vehicle that needs repairs will cost you way less than going to a bank and dealership.

I have purchased many, many vehicles through Craigslist with great success and lots of money left in my wallet!

Need versus Wants

There is nothing wrong with running out to Walmart to buy a large screen television or the latest video game.

However, let that be done after you have covered the essentials.

Remember to stay focused and keep things prioritized!

Take care of your bills.

Pay bills ahead where possible.

Buy the things on your needs list after you find the best deals possible.

Then, if you have anything left, consider buying some things on your wants list.

Let Strategic Shopping, planning, and staying focused make 2020 your best year yet! Are you expecting an income tax refund this year? What are your plans?

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