3 Things To Buy on Amazon With Your Tax Refund
Written by
Jake Safane
Edited by
Jenna Klaverweiden
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As tax season comes to an end, you might be looking forward to getting a tax refund that gives you a jolt of extra cash. So far, the average refund this year has been $3,170, according to IRS data.
Before you rush to spend that money, however, consider how to optimize this cash injection. While you might want to spend some money on treating yourself, it’s also important to consider how you can strengthen your overall finances.
“The 30/30/30/10 strategy is a straightforward guideline that I suggest using: 30% should go toward high-interest debt, if you have any; 30% should go toward savings or an emergency fund; 30% should go toward investment; and 10% should be set aside for guilt-free spending,” said Taylor Price, a personal finance expert and founder of Priceless Tay. “For some people, tax refunds are the largest one-time payment of the year, so utilizing them to create future wealth or a safety net has a huge impact.”
That being said, you might be wondering how to spend the 10% or so of your tax refund. While it might be considered fun money, that doesn’t mean you should be totally mindless about how you spend it. Consider how you can use this spending to enrich your life.
“Purchasing anything that increases your time, peace of mind or skill set is among the best things you can do with your tax refund,” Price said.
With that in mind, consider some of the following types of items that you might want to purchase on Amazon.
A Great Book
For around $10 to $20, you can buy a book that will give you a lifetime of knowledge. For example, a personal finance book like Ramit Sethi’s “I Will Teach You to Be Rich” can give you the foundation for improving your personal finances. The paperback costs just $10.17 on Amazon right now.
Or if you want to focus more on the entertainment and relaxation side of spending, a book is still often a cost-effective choice. For a small price, you can immerse yourself in another world for days or weeks, while perhaps taking some important life lessons from it, even if they’re not finance-related.
Noise-Canceling Headphones
A great pair of headphones can also be a wonderful gift to yourself. Whether you want to tune out distractions while you’re working or you want to calm yourself down in a noisy environment like an airplane, high-quality noise-canceling headphones can come in handy.
Consider options that won’t blow through your whole tax refund but also are relatively durable and have good sound quality. A pair of over-ear headphones from Skullcandy, for example, cost $129.88 on Amazon.
Air Fryer
If you haven’t joined the air fryer trend, it’s not too late. This is a countertop appliance that doesn’t have to be a flash in the pan, no pun intended. If you like to cook, an air fryer can help you quickly make relatively healthy, tasty options, with potentially less cleanup than pulling out a bunch of pots and pans for the stove or oven.
Many air fryers also have multiple functions. For example, the 4-quart Ninja won’t break the bank and can be used to air fry, roast, reheat and dehydrate foods. It costs $89.99 right now on Amazon.
Editor’s note: Pricing and availability may vary depending on location.
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