Instead of spending your tax refund on some extra indulgences, you want to use it to help and reward your children. You do a lot for them throughout the year, everything from organizing parties to taking trips to the museum. They also do just as much for you. Your heart always melts when they hand you creative birthday gifts, and you leap for joy every time your children give you a big hug.
Therefore, you don’t mind investing your hard earned money back into your kids. You just need ideas on ways to show them your love, support, and appreciation.
We have a few suggestions on ways to use your tax refund check on your children:
Start a College Fund
The best way to show your support for them is to invest in their future. Use your refund check as the starting point for your child’s college fund. Make it an annual thing: every tax season contribute some, half, or all of your refund into your son or daughter’s college savings account.
Combine the refund check amount with regular paycheck contributions to it.
Invest in School Supplies
Buy school supplies as a way to add an immediate contribution to your children’s education. Stock up on the basics by buying bulk items from Sam’s Club, Costco, Amazon, and Target. Get notebooks, pens, and pencils from these stores.
Additionally, use some of Groupon’s discount codes to buy premium and special school supplies. For example, use a Things Remembered coupon to purchase personalized school supplies, like backpacks, water bottles, and journals.
Maximize your clothing haul by shopping for children, teens, and young adults at thrift stores and secondhand shops. Also shop at stores that sell discounted name brand clothing, such as Ross Dress for Less, TJ Maxx, Famous Footwear, and Nordstrom Rack.
Focus your shopping on adding some basic items to their wardrobe. Avoid fad items, like Disney character t-shirts or glitter jeans, because your child will eventually outgrow it. Classic pieces (e.g t-shirts, jeans, cardigans, etc.) always stay in style.
Go on a Family Vacation
Use the refund money to take the entire family on a vacation. You may not be able to go anywhere luxurious, but the extra money should afford a trip to a waterpark, amusement park, or camping trip. Make a plan to execute this trip in the summer, when your children will have plenty of time to enjoy themselves. Use the few months in between when you receive your tax refund and the start of summer to work towards adding additional vacation funding.
Instead of spending the refund money on one big thing, divide it among small daily treats. Spend a little extra on groceries, so that you can cook your children delicious and healthy meals. Also let them satisfy their sweet tooth with a small portion of their favorite treats.
Go on more trips to the movies, or buy some toys and games to play together. Stretch the money so that you can add a few extra fun activities for weeks.
Adopt a Pet
Use the money to pay for all the pet fees, food, and toys for the animal. Make sure you only adopt a pet after your children have shown enough responsibility to handle taking care of it. Put them through a long trial period before making the commitment to add a new addition to your family.
Start Saving for a New Home
Invest the entire tax refund into a savings account for a new home. Get your children involved by letting them look at homes in magazines, and then ask them to describe their dream living space. Let them know that you won’t be getting the exact house of their dreams, but close to it.