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While You’re Waiting for Your Income Tax Refund

It’s income tax time again. While many people are expecting a refund, they’re super concerned about when they will receive it this year with the government shut down fiasco going on.

Instead of following the crowd and getting all worked up over something you can’t control, take this additional time to really plan out your finances.

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

Prepare

Take time to prepare how you will spend your income tax refund BEFORE you actually get the money in your hands. 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 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. Take time to figure out how much it would cost to pay a few of your monthly bills ahead a few months. Try and find the best deals on the things listed on your wants list. Do the same thing with your needs list.

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.

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!

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 the Pantry

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 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.

Maybe you have to make a large purchase, like a car. 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!

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 2019 your best year yet! Are you expecting an income tax refund this year? What are your plans?

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