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GEICO More / Saving / Money / 7 Ways To Stretch Your Tax Return Dollars

7 Ways To Stretch Your Tax Return Dollars

February 20, 2018 13 Comments

hands holding up a $100 billA tax-refund check can be a very, very tempting thing. Should you buy those new shoes you’ve been eyeing? How about treating yourself to a weekend away?

Although these may be absolutely fine choices for some (it’s called retail therapy for a reason), spending your refund wisely could have a greater payoff—literally. Opting for things like money-savers and pre-paid plans could help cut down on costs year-round.

Here, smart-shopping expert Trae Bodge shares seven sound strategies for spending your latest tax return in ways that make those dollars go even further.

1. Pay Down Your Debt

A smart use for your extra cash is to make a bulk payment toward the principal of any outstanding loans you may have, says Bodge. “This can save a lot on interest down the road,” she explains. “Anything from student loans to credit card debt to a mortgage could be a great place to start.”

2. Pre-Pay Insurance

Some insurance companies, like GEICO, offer savings if you pay in-full versus paying monthly. With a newly cashed refund check, it’s as easy as paying the full premium by the policy-effective date to lock in the rate. The best part? You won’t have to worry about missing a payment or any installment charges down the line.

3. Smart Outlets

Nearly one quarter of all residential energy consumption occurs through electronics in idle power mode, according to one study. Investing in smart outlets that connect to a smart device or have a simple timer function to shut off automatically will help save on electricity costs, says Bodge.

4. Buy In Bulk

Many fitness studios and salons offer savings for buying classes or services like manicures and massages in bulk, says Bodge. “Unlimited monthly passes are also worth investigating, depending on how many times you attend or typically use the service,” she adds.

5. Store Membership (So You Can Keep Buying In Bulk)

If there are certain household items that you buy frequently, like paper towels, vitamins and groceries, Bodge says a wholesale-club membership could be a good investment to help you save on everyday items. Just make sure to shop with a list, so those huge carts and huge deals on everything—including jewelry, clothing, electronics and furniture—don’t result in impulsive overspending.

6. Programmable Thermostat

Heating and cooling account for about 48 percent of the energy use in a typical U.S. home, making them the largest energy expenses for most households, according to the U.S. Department of Energy. Bodge recommends installing a programmable thermostat so you can set timers for your heat and/or cooling—including adjusting the temperature at night or when no one is home during the day—to cut back on wasted energy.

7. Low-Flow Shower Heads

Low-flow shower heads market themselves as using as little as half the water of a conventional shower head, which could translate to big savings in water-heating bills over the course of a year. “While you’re at it, encourage family members to limit the length of their showers, which will help save even more,” says Bodge.

Spending your money wisely always a good idea. So is saving money on auto, homeowners or renters insurance with GEICO. Click here to learn more about available insurance discounts.

Read More: 5 Financial Resolutions To Make This Year

By Nicole Cherie Jones

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  1. cecilia Cabanilla says

    November 14, 2019 at 7:22 pm

    How can a retire person pay her debt with high interest and it seems never doing down I need help.

    Reply
  2. Regina Alston says

    August 23, 2019 at 10:34 pm

    Can you give some information about getting out of debt for low income people please

    Reply
  3. Indra Baniya says

    May 12, 2019 at 9:07 pm

    I love it ?

    Reply
  4. Sheila Barron says

    May 6, 2019 at 6:18 pm

    I need info on over 55 defensive driving classes to get a insurance discount also how do I know I’m getting all discounts for alarm abs, air bags etc

    Reply
    • Editor (GEICO) says

      May 7, 2019 at 9:46 am

      Here you go! https://www.geico.com/save/discounts/defensive-driver-discounts/

      Reply
  5. Roxanna St MartinKnapp says

    March 22, 2019 at 10:42 am

    This was very helpful to help me save for travel.

    Reply
  6. Lucinda Laurant says

    March 21, 2019 at 2:04 pm

    These tips have been very helpful. Thank you for sharing great content and information.

    Reply
  7. Debbie says

    March 2, 2019 at 1:28 pm

    Awesome ? keep it coming

    Reply
  8. ELIZABETH BUTLER says

    February 26, 2019 at 8:39 pm

    Need some tips on some investment vehicles that might be good for short term/high yields.

    Reply
  9. Ivania medina says

    February 25, 2019 at 5:16 pm

    this news is necessary to put it in Spanish to understand the benefits thanks

    Reply
  10. Jeremiah Cherry says

    February 22, 2019 at 8:12 am

    Very useful thank you

    Reply
  11. Khadara says

    February 20, 2019 at 11:45 pm

    Very great article indeed

    Reply
  12. Penny says

    February 14, 2019 at 8:54 am

    These were all great articles and very good information

    Reply
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