Spend your tax refund wisely

Staff Report

With tax season rearing its ugly little head around the corner, the staff at The Daily Eastern News realizes that students are beginning to cultivate ways to spoil themselves with their tax refund.

Especially after all the hard work everyone puts into actually filing taxes in the first place, it is entirely understandable that the first thing any student wants to do is spend their refund on one of the many items sitting in an online shopping cart of our choice. 

Although it is easy to assume that the hard part during tax season is actually filing taxes, the real difficulty with this wonderful season is finding the will power to spend your tax refund wisely.

Of course, there is nothing wrong with splurging a little and buying those great shoes or eating out with your significant other, and our editorial board understands that every once in a while it is nice to treat ourselves.

But as college students, we also recognize that it might be time to start thinking of the “future,” which crept up on all of us faster than anyone could imagine.

Saving money is difficult and with bills that need to be paid and loans that need to be repaid and miscellaneous expenses that pop up at the most inconvenient times, it may look almost impossible to establish a nest egg.

It can also be difficult to think about being fiscally responsible when we some of us can hardly handle the stress of classes, much less the stress of wondering if we will have a job and a place to live after graduation.

However, those financial burdens that threaten our chances of saving should be all the more reason we think twice before spending our tax refund or our financial aid refund on unnecessary expenses.

If you receive a hefty refund, whether it is a tax refund or a financial aid refund, plan ahead, and start budgeting your money.

Try opening up a separate bank account and put half the refund in that account and the other half in the account that is used more often. Then after every paycheck you receive or after every month,  deposit a little money into your separate account and try not to touch that account unless it is an emergency.

Even if it is not a lot of money, a little goes a long way, and if you remember to put money into the account at least every month then you will see it grow. 

Knowing that you have money tucked away provides a small sense of security and you will start to feel more like an “adult” if you do so.

Yes, life can be hard but if you really try, you can make things a lot easier for yourself.