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Smart and Savvy Ways to Spend Your Income Tax Refund in 2022
It’s income tax time again.
Some of us are super excited that it is income tax 2022 time. Some of us, not so much. If you are expecting a refund, then I am sure that you are in the former group.
Don’t you hate it when you get a large sum of money, then a few days later you sit there wondering exactly where all of that money went?
Don’t let a big check throw you off from your goal of being a Strategic Shopper!
The key is to remember that Strategic Shopping is about two things:
- Having a plan
- Knowing when to shop
You can always get a deal if you keep these two things in mind.
Having a plan and Knowing when to shop
Have a Plan with Your 2022 Income Tax Refund
If you are blessed enough to be expecting an income tax refund in 2022, then please, take time to prepare how you will spend it BEFORE you actually get the money in your hands.
Preparing ahead of time helps to keep us focused.
Remember: If you don’t tell your money where to go, it will just go!
I am always encouraging 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 your money and then have all of those things you should have bought 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, so take this time to write it all out ahead of time.
Make a list of all of your needs, then and only then, make a list of your wants.
Prioritize Your Lists
Prioritize these lists.
Write out all of your bills.
Make a list for your needs and a separate one for your wants.
Get ahead on your bills this year.
Start by Reviewing Your Bills
Do you know what you actually owe?
Are you caught up on your bills?
Have you fallen behind in certain areas?
Take some time to figure out how much it would cost to pay a few of your bills ahead a few months.
If you are getting a substantial amount of money back, then consider paying as many things ahead for 2022 that you can manage.
Instead of making monthly car insurance payments, pay it for the next six to twelve months.
Call your internet provider and pay your entire 2022 bill ahead of time.
Get ahead on your phone bill.
You can even pay your light bill ahead of time.
I do all of these things.
I have very few bills, so I actually pay most of my bills for an entire year in advance.
It is always so nice to get the light bill in the mail with the balance reading a credit due instead of debt due!
Don't pay full price for things you need simply because you need them.
Focus on the Needs List
Now is the time to start researching and finding the best deals on those things 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 and have the funds available.
Don’t do it!
Google is your best friend while you are waiting for your income tax refund in 2022.
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.
Determine right now that you are not going to pay full price for everything on your needs list.
Check all of those second-hand sales sites too.
Places like Facebook Marketplace and Craigslist are great resources to utilize.
Everyone is selling something today. There’s a high chance someone has a deal on the very thing you are looking for.
Use self-control.
Consider Your Wants List
After your bills are all planned out and you have located all of the deals on your needs list, then and only then is it time to consider your wants list.
Self-control isn’t a term readily used today, but if you want to have a better financial year in 2022 then you have experienced in the past, then you need to start using and applying it more often.
Use self-control.
You don’t need to check everything off from your wants list right now.
Patience can pay off in dividends!
Know when to shop.
Shop at the Right Time
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.
Getting an income tax refund, or any other large sum of money 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.
I deserve to be out of debt. I deserve to not be so stressed out about finances this year!
Don’t live the feast or famine lifestyle this year.
Let the income tax time of plenty help to relieve your typical times of lack.
Stock Your Pantry
If you know me at all, then you know that I am a huge advocate of keeping the pantry well-stocked.
Read my article, Ten Best Ingredients to Keep Stocked in the Pantry over here.
Take time to make a list of your everyday pantry items.
Buying these extra pantry staples will take a lot of stress off at meal time this year.
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 now.
Some things I keep stocked in my pantry include things like:
- powdered eggs
- shelf-stable milk
- flour
- baking powder
- baking soda
- yeast
- sugar
- oil
- shortening
- salt
- herbs
- spices
Fill up the freezer with meat. If nothing else, load up the freezer with your favorite brand of bread.
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.
Earlier I said, 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.
Powdered eggs applies to the latter part of this.
I mean, I definitely buy some when there is a sale, but I don’t necessarily wait for a sale when it comes to powdered eggs.
They are shelf-stable, which means if I am in the middle of cooking when I realize we are out of fresh eggs, I can just grab some off the pantry shelf.
Shelf-stable simply means they don’t need refrigeration.
The cans I buy have a ten year shelf life.
They are a must-have in my pantry!
Having these on hand 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.
Again, powdered eggs are costly upfront, but if you are expecting an income tax refund in 2022, now would be a great time to consider adding them to your pantry.
Shelf-stable milk – There are a few varieties of shelf-stable milk available for your pantry.
My absolute favorite is the Gossner milk brand.
Gossner milk is actually liquid, ready to use milk, unlike the powdered milk that used to be our only option.
I buy my Gossner milk right at the Dollar Tree.
Hey, let me know in the comments if your Dollar Tree carries Gossner milk!
I love to have my pantry stocked with this milk.
It works great for cooking, baking, and even drinking.
I have not found any difference in my cooking while using it.
Running out of milk is the worst, isn’t it!
My kids and grands alike know they can always grab a bowl of cereal, have some chocolate milk, or even whip up a milkshake as long as there is some Gossner milk on the shelf.
Of course, powdered milk is a great standby!
I always keep powdered milk on hand too.
It comes in handy when making those homemade mixes, like my just add water pancake mix and our much loved homemade hot cocoa recipe.
Flour, wheat berries, oatmeal, and dehydrated corn – I keep a variety of flour and items I can grind into flour on hand at all times.
I buy regular white flour at Aldi and Walmart.
I get my wheat berries and rolled oats at bulk food stores, like Amish stores and health food stores.
Leavens, like baking powder, baking soda, and yeast – We do a lot of baking around here, so we always keep a large variety of leavens in the pantry.
I buy my baking powder and baking soda at Aldi.
I get my yeast in two-pound packages at BJs Warehouse for around $5.00.
I store my yeast in the freezer to keep it fresh and extend its shelf-life.
Sweeteners – I keep quite a few different sweeteners on hand, like real maple syrup, imitation syrup, granulated sugar, confectionery sugar, molasses, and local raw honey.
Sometimes I buy bags of brown sugar, but usually, I just make it fresh.
Check out my little YouTube video on How to Make Brown Sugar over here.
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, avocado oil, vegetable oil, shortening, butter, ghee, and lard.
Would you be interested in seeing a video on how I make and preserve my own ghee and lard? Leave a comment below and let me know!
Herbs, spices, and flavorings – Have you ever heard the saying, the difference between bread and tea and cake and tea is a little bit of sugar?
A little flavoring makes all of the difference!
I always keep the basics on the shelf, like good sea salts, black pepper, red pepper, garlic powder, chili powder, Italian seasonings, cumin, turmeric, ginger, cloves, vanilla extract, etc.
I like to get most of my herbs and spices from Big Lots.
You can read more about what I like to buy at Big Lots over here.
Don’t forget to fill up the freezer.
Your freezer is simply an extension of your pantry.
Whenever I have a little extra money, like at income tax time, I like to fill my freezer with meat.
I take advantage of seasonal sales.
I like to keep my freezer loaded down with all of those turkeys marked down 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.
I am always watching the grocery stores for deals on meat, bread, and butter.
I buy in bulk and fill up my freezer.
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!
Learn the Difference Between a Need and a Want.
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 whenever 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.
Are You Getting an Income Tax Refund in 2022
Let Strategic Shopping, planning, and staying focused make 2022 your best year yet!
Are you getting an income tax refund in 2022?
Let me know in the comments how you plan on using your income tax refund this year to help make all of 2022 a little easier.
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